REALTORS® trying to understand how the Republicans’ proposal for comprehensive tax reform will affect the real estate industry should consider some of the comments made by National Association of REALTORS® President William Brown.
“We have always said that tax reform—a worthy endeavor—should first do no harm to homeowners,” said Brown. “The tax framework released by the ‘Big Six’ [on Wednesday] missed that goal.”
Brown also noted the proposal could weaken property values and reduce incentives for consumers to buy a home.
Changes outlined in the proposal could reduce the use of the mortgage interest deduction (MID) and eliminate state and local tax deductions for individual taxpayers but reduce tax rates for real estate companies. Other industry leaders hope more discussion leads to changes in the plan that will help more Americans and American industries.
- “Framework for Tax Reform ‘Misses Goal’ to Protect Homeowners: NAR” (RISMedia)
- “Trump’s ‘Big Six’ unveil tax proposal: What’s at stake for real estate?” (Inman Select)
- “How the mortgage interest deduction could be cut in tax reform” (CNN Money)
- Trump’s big tax plan revealed: three changes to look for (Forbes)