Tax plan delivers tax hike on homeowners

Tax plan delivers tax hike on homeowners
The House Ways and Means Committee has released its legislative proposal for an overhaul of the American tax code, and the National Association of Realtors® believes the bill represents a tax increase on middle-class homeowners. NAR is opposed to this tax reform legislation. “Realtors® believe in the promise of lower tax rates, but this bill is nowhere near as good a deal as the one middle-class homeowners get under current law,” said NAR President William E. Brown. “Tax hikes and falling home prices are a one-two punch that homeowners simply can’t afford.” By eliminating or nullifying the incentive for homeownership, Realtors® are concerned that homeownership’s wealth-building potential could be pushed out of reach. Earlier this year, NAR released a full analysis of the House Republican blueprint for reform, finding that it would cause a 10 percent drop in home values and raise taxes on middle-class homeowners by an average of $815. This bill, however, goes even further by capping the mortgage interest deduction at $500,000 for newly purchased homes. The legislation also eliminates state income tax deductions altogether, while installing a new cap on property taxes. At the same time, the proposal puts new restrictions on the capital gains exemption homeowners utilize today when they sell their home. The exemption is vital to allowing homeowners to use their equity to pay for retirement and other long-term needs.

Courtesy of:

Steve Sisman
CSP, e-Pro, REALTOR,

Designated Short Sale and Foreclosure Resource,

Certified Short Sale Master Default Intermediary,

Certified Real Estate Divorce Specialist,

Associate Leadership Counsel Alumnus,

a member of the Delaware County Chamber of Commerce,

a member of the Delaware Small Business Chamber,

 
VP of the “Little Shul” (CYSEI)
Viet Nam Veteran

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