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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.
Twelve individuals are selected to participate in the program, which meets several times a year for training modules that focus on public speaking and media relations, government affairs and a workshop about working with different personality types. Matt Difanis, 2018 Illinois REALTORS® President, and a graduate of the 2012 leadership program, invites you or a colleague to apply.
Wednesday Richard Cordray announced he will resign at the end of the month as the director of the Consumer Financial Protection Bureau (CFPB), causing speculation about the future of the bureau, according to Inman Select.
President Trump has not announced any changes for the CFPB or a replacement for Cordray.
The CFPB was created in 2010 following the country’s financial crisis in 2007-08. Cordray was appointed director by President Barack Obama in 2011. However, since its inception, the bureau has had critics who didn’t like its structure or its power and the changes it brought to the mortgage loan and the auto loan processes. The Washington Post noted that conservatives and the Trump administration would like to reduce the amount of financial regulation in Washington.
In 2015, the CFPB implemented the TILA-RESPA Integrated Disclosure Rule (TRID) with the aim to make the mortgage process easier for consumers to understand. Despite some confusion about TRID following its implementation, the CFPB updated its rules in July 2017 to make it easier for agents and brokers to access the Closing Disclosure.
“American homeowners shouldn’t have to pay for corporate tax cuts with their home equity,” said Mendenhall. “It’s a matter of basic fairness; 1.3 million REALTORS® have known since the beginning, and America’s 75 million homeowners are just beginning to learn, that homeowners will be the ones paying the tab. REALTORS® will do our part to spread the word as we work with the Senate to address this impending assault on homeownership.”
Middle-class homeowners will see their home values go down if the legislation becomes law, she says, but large corporations will see the bulk of the tax cuts.