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US Congress Tax Bill Correction Mortgage+Student Loan Interest


US Congress Tax Bill Now Eliminates The Reductions on 401k 403b investment, BUT HOLD ON

The US Congress Tax Bill that I mentioned last week now does not include the 401k 403b plan contribution reductions.   Great!  The Bill contained them at the time I wrote the article.   Now, it is not there.  However, what is not there (pending) is the elimination of the mortgage loan and interest deductions.

us congress tax bill
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I usually do not write about other matters than Workers Comp.   Last week, and the upcoming weeks may be a good time for you to know what your Congressperson’s and Senator’s phone numbers are for later reference.   Check here for the Senate phone numbers and here for the Congress.

Yes, I do read about tax implications and their effects.  My ChFC allows me to provide monetary advice.  I do that very little now, but like to keep up with what is going on in case I am asked questions on the matter.

This may all change by the time you read this article.   The current items that apply to a large number of people are:

  • Student Loan Interest Deduction – Ouch!
  • Mortgage Loan Interest Deduction – Double Ouch!

Without these two deduction, many American will have little to no deductions other than the Standard Deduction.    Follow that link to for an IRS Standard Deduction calculator.   The IRS usually has great informative web pages on tax matters.   The Standard Deduction may be all that you have left.

Corrections – OK, so since I start writing and posting  this article last week, the deductions and everything have changed overall.   The Mortgage Interest Deduction is still on for loans up to $500,000.   The Student Loan interest is still subject to being eliminated.    Now I know why I rarely write articles on what the Senate on Congress will do next.

At least the states have the control over Workers Compensation.   For some reason, that seems to be more static than writing about what goes on at the federal level.   Keep this article handy or the one I wrote two weeks ago for at least the phone numbers to your elected Federal Representatives.

Please note that I do not publish any political articles on this blog.   Workers Comp is what this blog is all about day to day.


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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications


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