This week, the U.S. House of Representatives will be voting on H.R. 1, the Tax Cuts and Jobs Act. As you know, NAR is OPPOSED to this tax reform legislation. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted.
This bill is a direct threat to consumers and homeowners. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted.
The legislation includes a cap on mortgage interest deduction at $500K for new mortgages, limits on the exemption on Capital Gains Tax from the sale of a primary residence, elimination of the deduction for state and local income or sales taxes, elimination of the Mortgage Interest Deduction for second homes, elimination of the deduction for moving expenses, elimination of the deduction for personal casualty losses, such as from hurricanes or wildfires, elimination of the deduction on interest on student loans and elimination of the deduction for medical expenses, even for the elderly. All this from a bill that is supposed to improve the current system.
Not only is this legislation a clear and present danger to American homeownership, it will cost our children and grandchildren $1.5 trillion in new federal debt.
Please reject this bill AND protect middle class homeowners. Do not turn America from a home-owning nation to a home-renting nation.
The Northern Arizona Association of Realtors President, Elizabeth Mendenhall, is headed to Capital Hill this week to reinforce this message with our nation’s lawmakers and we need EVERY REALTOR to make sure Congress hears our voice on this very important matter.
Let’s make sure our REALTOR voices are heard loud and clear that homeownership matters!