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Tax Reform Legislation

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

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