youtube  facebook  linkedin  twitter

Login Button

Don’t let congress raise taxes on middle class homeowners

                    download

DONT TAX HOMEOWNERS

 NAR supports tax reform, but Congress needs to first do no harm to tax incentives that encourage home-ownership. It’s important to us that we seek to assure that tax reforms support the goals of homeownership and the freedom to buy, maintain and sell real estate.

 

  • NAR rejects repealing or weakening tax incentives for homeowners, like the mortgage interest deduction and the state and local property tax deduction. 
  • These incentives are critical for a strong housing market that creates jobs and builds stable communities. 
  • We can’t let Congress turn reform into a tax increase for middle-class homeowners. 
  • Homeowners already pay 83% of all federal income taxes. Homeowners should not have to pay more taxes so corporations can pay less.
  • Home-owning families with incomes between $50,000 and $200,000 could face average tax hikes of $815 in the year after enactment.
  • Tax reforms under discussion could result in a drop of more than 10% in the value of all homes.

 

The plan is expected to double the standard deduction and eliminate all personal deductions except the Mortgage Interest Deduction and the deduction for Charitable Contributions.  The plan eliminates the deduction for State and Local Taxes. By doubling the standard deduction, the Mortgage Interest Deduction would only be available to the top 5% of taxpayers.  READ MORE

download