In case you missed it, a current Call for Action and public advocacy campaign from the National Association of REALTORS® has been issued to urge Congress to pass meaningful reform and protect homeownership.
Here are the facts:
- NAR is working to ensure that tax reform proposals do not raise taxes on homeowners, particularly middle class homeowners.
- Homeowners already pay 83 percent of all federal income taxes and this share would go even higher under the current reform proposal.
- The current framework nullifies the effectiveness of the mortgage interest deduction for middle class homeowners and eliminates real estate property tax deductibility—two important provisions that promote homeownership and therefore a stronger economy.
- These changes could cause a loss in home equity of nearly 10 percent leading to defaults and foreclosures for some families.
- NAR will continue to work with members of Congress to point out that homeownership is vital to our economy and should remain a priority during tax reform discussions.
For additional information on Tax Reform visit: www.NAR.realtor/taxreform