Taking Ownership of Tax Reform

During the 2017 REALTORS® Conference & Expo in Chicago, tax reform discussions took a major step forward as leaders on the House Ways and Means Committee released its legislative proposal for an overhaul of the American tax code. Today, the Senate released its version of the tax reform bill.

While NAR is currently analyzing the Senate bill, let us be clear: NAR is opposed to the tax reform legislation unveiled in the U.S. House of Representative last week. This bill is a direct threat to consumers, to homeowners and to our businesses. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted. Read and download NAR’s tax reform talking points.

Simply preserving the mortgage interest deduction in name only isn’t enough to protect homeownership. Determining what’s next for our association and for our industry requires us to actively observe and engage in the political shifts around us. We can sit back and react to change, or we can Own It!