Before you turn off your computer and head home this week with visions of turkey and sweet potatoes, make sure you keep up the battle to urge Congress to do no harm to the real estate industry and millions of homeowners who rely on it.
The House and Senate versions of tax reform are now on the table, and both have frightening ramifications for consumers.
If you haven’t responded the latest Call for Action, do it here.
And if you aren’t up on the details of the tax plans, here are some articles that will get you up to speed. (Spoiler alert: It isn’t pretty).
- Study: Many homes would not gain advantage by claiming Mortgage Interest Deduction. Forbes.
- Possible consequence of tax bill could lower home ownership rates, affordable housing crisis. New York Magazine.
- The big differences between the House and Senate tax plans. Washington Post.
- The losers under the tax proposal? Many with health insurance, those in high-tax (Illinois, anyone?) states. Chicago Tribune.
- Impact of bill could be vast, long-lasting. Vanity Fair.
- NAR’s tax reform page with all sorts of resources is here, along with a detailed side-by-side comparison of the U.S. House and Senate plans.
Other tax changes could eliminate the ability to deduct moving expenses and home equity loans. Not being able to deduct student loan interest will hurt generations of young buyers looking for homes.
The loss of deductions for state and local taxes (SALT) would especially hit hard in a high-tax state such as Illinois, and would lead to consumers getting hit with double taxation.