In a letter dated March 10, 2017, NAR 2017 President William E. Brown urged new Treasury Secretary Steven Mnuchin to protect the current tax benefits of homeownership as the Trump Administration seeks to reform the federal income tax system.
Referring to recent media reports where Mnuchin promised to leave “the mortgage interest deduction as is,” the letter explained that certain types of tax reform plans, such as the “Blueprint” put forward by House Republicans last year, also pledge to leave the deduction untouched. However, by nearly doubling the standard deduction while repealing most itemized deductions, “the Blueprint would in fact have the consequences of nullifying not only the MID, but also other tax incentives of owning a home for the great majority of Americans who now are, or who aspire to become, homeowners.”
The letter goes on to explain that this kind of approach to tax reform could harm the incentive effect that makes purchasing a home easier for the first-time homebuyer and also could lead to a drop in the value of all existing homes. “The overall result could be a disastrous downturn in the quality of many neighborhoods and communities, and especially our most vulnerable ones,” Brown said in the letter.
The letter concludes by asserting that REALTORS® support tax reform, but that in making needed changes, we should “not discard the features of our tax system that make America a homeownership society.”
Author:Dawn Borkowski Phone: 864-313-4608 Dated: March 23rd 2017 Views: 193 About Dawn: ...
With approximately 50 years combined experience, Guest Group brings a wealth of varied experience in both Residential and Commercial Real Estate.
We are loyal, ethical and very dedicated to our clients. We give exceptional service and continue to have our clients for life. We compliment each other and understand the Real Estate Industry and the Local Market.
We have strong negotiating skills and transaction servicing that will ensure you of a successful real estate experience.
May is the Best Time to Sell Your Home According to a newly relea
"Client Feedback on Coralie Struckman
How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
How did the closing go: 5 out of 5
How close did we meet your expectations: 5 out of 5
How likely are you to recommend us: 5 out of 5
Services used: Buy
How did you find us: Referred by a Friend
Your most memorable moment
Everything! Coralie is awesome!
The moment you'd rather forget?