REALTORS all but pronounced these plans dead on arrival and are reminding lawmakers about the importance of upholding homeownership, building stable communities, and making housing available to families who are qualified to purchase a home.
NAR released a letter to Congress calling for support of homeownership and preservation of tax provisions that protect American families. Last week, NAR said in a statement that
“We are extremely disappointed with several of the provisions contained in U.S. House Ways and Means Chairman Dave Camp’s tax reform draft released today, namely proposed limits on the mortgage interest deduction and capital gains, and the repeal of deductions for state and local property taxes. These proposed changes to the taxation of real estate will impact every single American, either directly or indirectly.
“NAR will carefully analyze the details of the Chairman’s plan so we can best educate Congress and the public about how this plan would impact the owners, consumers, and producers of both residential and commercial real estate.”
