NAR Call for Action: Reform Our Tax Code AND Protect Middle Class Homeowners!
On, Wednesday, October 18, 2017, NAR launched a Call For Action to all REALTORS® to take action and send Congress a message. Please join the Call For Action with your fellow REALTORS® and sign up for the REALTOR® Party Mobile Alerts by texting the word REALTOR to 30644 or sign up online
Members of Congress from both Houses and both parties have expressed a high level of interest in reforming the tax system. It now appears much more possible that the tax incentives for owning a home could be diminished and that vital provisions for commercial real estate could be repealed or limited in order to “pay for” lowering the tax rates.
Impact of the Proposed Tax Reform Plan: Under the current tax law, homeowners may deduct the mortgage interest they paid. The current plan is expected to eliminate all personal deductions except the Mortgage Interest Deduction and the deduction for charitable contributions. Included in the list to eliminate is the deduction for state and local taxes. At the same time, the plan proposes to double the standard deduction.
NAR believes that this one-two punch will deliver a crippling blow to middle class homeowners by removing economic incentives for homeownership and raising taxes by an average of $851. By doubling the standard deduction, the Mortgage Interest Deduction would only be claimed by the top 5% of taxpayers. In essence, this would mean that for the great majority of Americans, there would no longer be a tax difference between owning a home and renting one.
The Solution: Urge Members of Congress to Reform Our Tax Code AND Protect Middle Class Homeowners! NAR seeks tax reforms that support the goals of homeownership and freedom to buy, maintain, and sell real estate.
- Sign up for the REALTOR® Party Mobile Alerts by texting the word REALTOR to 30644 or sign up online.
- Send a message through NAR’s Call For Action website.
- Write a letter to your Member of Congress. NAR’s Call For Action website includes the text of your message!