Record number of Illinois REALTORS® urge Congress to shape tax reform fairly

The United States Capitol is the meeting place of the United States Congress, the legislature of the U.S. federal government.  (Bigstock Photo)

More than a third of Illinois REALTORS® have joined the fight to protect the real estate industry by taking part in a Call for Action on Tax Reform.

The response is the highest recorded for a call for action. The fight is reaching a critical stage as the U.S. Senate is expected to vote on the tax plan as early as today. Participate in the CFA before the Senate vote.

The “Reform our tax code AND protect middle class homeowners” call for action helps REALTORS® connect with U.S. Sens. Dick Durbin and Tammy Duckworth. REALTORS® want to shape the Senate proposal to protect homeowners, particularly middle-class homeowners, from potential tax increases.

REALTORS® are opposed to parts of the Senate plan, known as the “Tax Cuts and Jobs Act,” because of those same concerns, and because the proposal could:

  • reduce home values up to 10 percent;
  • eliminate state and local property and income tax deductions;
  • end deductions for interest on home equity loans;
  • change capital gains exemptions on sale of primary residences;
  • eliminate moving expense deductions (except for active duty military personnel);
  • eliminate deductions for personal casualty losses (except for personal casualty losses in federally declared disasters); and
  • create a revenue shortfall of as much as $1.5 trillion over 10 years.

If the Senate approves its own bill, the two chambers of Congress must approve either the House version or the Senate version or negotiate and approve a blended version of the two before the president can sign legislation into law.

One thought on “Record number of Illinois REALTORS® urge Congress to shape tax reform fairly

  1. Don’t take away deductions we have relied upon for years as home owners that have worked all our lives, raised families in our homes, and truly need the real estate tax deductions and interest deductions to live normal lives — and if taken away, hardships will abound unfairly. Same applies to the capital gains taxation, and deductions related thereto. Surely, we can have responsible government and government spending, without abusing the people that have already made America great! Let’s keep America great! We must not stoop to hurt those that have invested their life savings in their beautiful and dear-to-heart homes.

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