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.