The real estate industry has reacted to the reforms to the US federal tax code announced Thursday and it’s not positive
The real estate industry has reacted to the reforms to the US federal tax code announced Thursday and it’s not positive.
"This legislation closely tracks with the House Republican Blueprint for tax reform, which threatens home values and takes money straight from the pockets of homeowners," said William E. Brown, president of the National Association of Realtors.
“By undermining the nation’s longstanding support for homeownership and threatening to lower the value of the largest asset held by most American families, this tax reform plan will put millions of home owners at risk,” added Granger MacDonald, chair of the National Association of Home Builders.
"Any change that would make homebuying less attractive will be detrimental to the housing industry and the nation's economy because of the 2.5 million private-sector jobs created by the industry in an average year," commented Geoff MacIntosh, president of the California Association of Realtors.
“Our initial read of the House tax proposal released today is that it will harm many New York homeowners. It will lessen the value of the property tax deduction and it cuts a host of other key housing-related tax incentives,” said New York State Association of Realtors’ CEO Duncan R. MacKenzie.
Key measures opposed by the industry is the capping of the mortgage interest deduction to $500,000 for newly purchased homes, scrapping state income tax deductions, and restricting capital gains exemption for when homeowners sell and release equity.
"The nation's 1.3 million Realtors cannot support a bill that takes homeownership off the table for millions of middle-class families," NAR’s Brown said. "We know this legislation is just the beginning of a much longer discussion. Our members will continue to make their voices heard as we push towards tax reform that responsibly lowers rate while protecting the dream of homeownership."
Granger MacDonald of the NAHB also highlighted the impact that tax reforms will have on the many builders, real estate agents and mortgage brokers who operate as small businesses.
“As corporations receive a major tax cut, small businesses, which generate the lion’s share of job growth, get limited relief,” he said.
One piece of the proposed legislation has been welcomed by Zillow’s chief economist.
"The proposal to double the standard tax deduction is one piece of the Congressional Republicans' tax plan that could put more money in middle-income Americans' pockets," said Svenja Gudell, adding that it could be something of a reprieve for those struggling to become first time buyers.
"This legislation closely tracks with the House Republican Blueprint for tax reform, which threatens home values and takes money straight from the pockets of homeowners," said William E. Brown, president of the National Association of Realtors.
“By undermining the nation’s longstanding support for homeownership and threatening to lower the value of the largest asset held by most American families, this tax reform plan will put millions of home owners at risk,” added Granger MacDonald, chair of the National Association of Home Builders.
"Any change that would make homebuying less attractive will be detrimental to the housing industry and the nation's economy because of the 2.5 million private-sector jobs created by the industry in an average year," commented Geoff MacIntosh, president of the California Association of Realtors.
“Our initial read of the House tax proposal released today is that it will harm many New York homeowners. It will lessen the value of the property tax deduction and it cuts a host of other key housing-related tax incentives,” said New York State Association of Realtors’ CEO Duncan R. MacKenzie.
Key measures opposed by the industry is the capping of the mortgage interest deduction to $500,000 for newly purchased homes, scrapping state income tax deductions, and restricting capital gains exemption for when homeowners sell and release equity.
"The nation's 1.3 million Realtors cannot support a bill that takes homeownership off the table for millions of middle-class families," NAR’s Brown said. "We know this legislation is just the beginning of a much longer discussion. Our members will continue to make their voices heard as we push towards tax reform that responsibly lowers rate while protecting the dream of homeownership."
Granger MacDonald of the NAHB also highlighted the impact that tax reforms will have on the many builders, real estate agents and mortgage brokers who operate as small businesses.
“As corporations receive a major tax cut, small businesses, which generate the lion’s share of job growth, get limited relief,” he said.
One piece of the proposed legislation has been welcomed by Zillow’s chief economist.
"The proposal to double the standard tax deduction is one piece of the Congressional Republicans' tax plan that could put more money in middle-income Americans' pockets," said Svenja Gudell, adding that it could be something of a reprieve for those struggling to become first time buyers.
