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Impact of Tax Reform Options on Owner-Occupied Housing (PWC Report)

 

The National Association of REALTORS® (NAR) engaged PwC to review the impacts of an illustrative comprehensive tax reform option that would lower and consolidate marginal tax rates to three rates with a top rate of 33 percent, double the standard deduction, eliminate all itemized deductions other than charitable contributions and mortgage interest, eliminate the Alternative Minimum Tax, and cap the tax rate on pass-through business income at 25 percent

Highlights

  •          Homeowners with an adjusted gross income (AGI) between $50,000 and $200,000 would see an average annual tax increase of $815. Non-homeowners with AGI in the same range would see an average annual tax reduction of $516.
  •          Home prices nationwide in the short run would fall by 10.2 percent as a result of the comprehensive tax reform option.
  •          The combined tax savings for those who claim the mortgage interest deduction (MID) and real estate tax deduction would fall from over $1.3 trillion for fiscal years 2018-2027 under the current law to just $232 billion under the comprehensive tax reform option, a drop of 82 percent.
  •          An estimated 83 percent of all personal income taxes are paid by homeowners.
  •          Non-homeowners, across all income categories, would see tax decreases on average

View the full summary from NAR here: http://narfocus.com/billdatabase/clientfiles/172/26/2906.pdf

You can find the full report here: http://narfocus.com/billdatabase/clientfiles/172/21/2888.pdf

 

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REALTORS® Legislative Meetings & Trade Expo RECAP

View RECAP of NAR Board of Directors Meeting on Saturday, May 20th, 2017.

Review legislative talking points regarding Tax Reform, National Flood Insurance Program, and Protecting Sustainable Homeownership. View the Impact of Tax Reform Options on Owner Occupied Housing Report  

DC legislators

Watch this video from the NAR Homeownership matter's team which addresses Sustainable Homeownership

 

Watch this video which demonstrates the importance of maintaining the National Flood Insurance Program

Flooding is the number one natural disaster in the United States. Floods have impacted every state in the country and caused significant loss of life and hundreds of billions of dollars in property damage. 

 

I pledge to be prepared in the event of a flood by

  • Learning about the risk of flooding in my neighborhood

  • Creating and sharing an emergency plan for myself and my family in the event of a flood

  • Educating myself on what to do if a flood occurs

  • Educating myself on what to do after a flood

  • Staying informed about the status of Hawaii’s eligibility to be covered by the National Flood Insurance Program

        SIGN THE PLEDGE 

 

 

 

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