Middle-income homeowners could lose out under proposed changes to tax laws, the National Association of Realtors warns
Middle-income homeowners could lose out under proposed changes to tax laws, the National Association of Realtors warns.
A PwC study commissioned by the NAR finds that for those homeowners with incomes between $50,000 and $200,000 could pay an extra $815 in taxes.
Those claiming the mortgage interest deduction (estimated as 35 million households by PwC) and real estate property tax deductions would see tax savings cut by 82% between 2018 and 2027 under the proposals.
“Tax reform and lower rates are worthy goals, but only if we can achieve them in a fiscally responsible way,” said NAR president William E. Brown. “Balancing tax reform on the backs of homeowners isn’t an option.”
Tax reforms could negatively impact home prices in the near term by 10% or more the study found.
“A tax reform proposal that hikes taxes for homeowners is a raw deal, and consumers know it,” said Brown. “Leaders in Washington who are driving tax reform have shown every indication that they have the best of intentions, and we’re hopeful they’ll consider our study as this process plays out in the months ahead.”
A PwC study commissioned by the NAR finds that for those homeowners with incomes between $50,000 and $200,000 could pay an extra $815 in taxes.
Those claiming the mortgage interest deduction (estimated as 35 million households by PwC) and real estate property tax deductions would see tax savings cut by 82% between 2018 and 2027 under the proposals.
“Tax reform and lower rates are worthy goals, but only if we can achieve them in a fiscally responsible way,” said NAR president William E. Brown. “Balancing tax reform on the backs of homeowners isn’t an option.”
Tax reforms could negatively impact home prices in the near term by 10% or more the study found.
“A tax reform proposal that hikes taxes for homeowners is a raw deal, and consumers know it,” said Brown. “Leaders in Washington who are driving tax reform have shown every indication that they have the best of intentions, and we’re hopeful they’ll consider our study as this process plays out in the months ahead.”
