The final Tax Cuts and Jobs Act bill will hit homeowners and negatively impact homeownership says one of the country’s largest representatives of real estate agents
The final Tax Cuts and Jobs Act bill will hit homeowners and negatively impact homeownership says one of the country’s largest representatives of real estate agents.
California Association of Realtors has been quick to react to reforms and says that as a net contributor to the Federal government, the state’s homeowners and consumers deserve better.
"The final tax reform bill released punishes homeowners and weakens homeownership, and in fact, it looks at homeowners and the housing market as nothing more than a piggy bank," said C.A.R. President Steve White.
"Congress is touting this as a tax cut for middle-class families, but the reality is that thousands of California middle-class homeowners will be the first ones to face tax increases."
He added that homeownership is already out of reach for many Californians and this reform of taxation will only make things harder for them.
"C.A.R. will continue to advocate for homeownership and urge Congress to vote No on legislation that negatively impacts California homeowners and lowers corporate taxes on the backs of families wanting to buy a home," said White.
The reforms announced Friday included the expected lowering of the mortgage interest deduction cap from $1 million to $750,000.
With median prices in parts of California, including San Francisco County and San Mateo County above the proposed new MID cap, those areas will be particularly impacted by the change.
California Association of Realtors has been quick to react to reforms and says that as a net contributor to the Federal government, the state’s homeowners and consumers deserve better.
"The final tax reform bill released punishes homeowners and weakens homeownership, and in fact, it looks at homeowners and the housing market as nothing more than a piggy bank," said C.A.R. President Steve White.
"Congress is touting this as a tax cut for middle-class families, but the reality is that thousands of California middle-class homeowners will be the first ones to face tax increases."
He added that homeownership is already out of reach for many Californians and this reform of taxation will only make things harder for them.
"C.A.R. will continue to advocate for homeownership and urge Congress to vote No on legislation that negatively impacts California homeowners and lowers corporate taxes on the backs of families wanting to buy a home," said White.
The reforms announced Friday included the expected lowering of the mortgage interest deduction cap from $1 million to $750,000.
With median prices in parts of California, including San Francisco County and San Mateo County above the proposed new MID cap, those areas will be particularly impacted by the change.
