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For over 100 years Congress has incentivized homeownership through the mortgage interest deduction and by protecting taxpayers from double taxation. The proposals put forward by both Houses of Congress would roll back these two cornerstones of the tax code and would, instead, become a tax increase for middle-class homeowners.
The mortgage interest deduction and the state and local tax deduction are incentives that are critical for a strong housing market that creates jobs and builds stable communities. Keeping the MID, but eliminating or limiting deductions for state and local taxes, including property taxes, nullifies the incentive to purchase a home, would bring down home values and hurt the American dream of homeownership,
Congress needs to protect taxpayers from double taxation by maintaining the deduction for state and local taxes, including property taxes. Not allowing the average homeowner in California to deduct their property, state and local taxes would effectively raise their taxes and allow the federal government to tax families on money already paid to the state and local governments!
If you haven’t contacted your member of Congress, please TAKE ACTION NOW
The 25 top brokers around the country, including Silicon Valley, have done exactly that in their Letter to the House Leadership yesterday.
TAKE ACTION HERE and tell Congress – Do not raise taxes on middle class homeowners in order to cut taxes for corporations!
The National Association of REALTORS® (NAR) is asking members for help in urging members of Congress to reform the tax code AND protect middle class homeowners.
The current tax reform proposal from Washington, D.C. will become a tax increase for middle class homeowners because the plan threatens homeownership tax incentives, like the mortgage interest deduction and the state and local property tax deduction. These incentives are critical for a strong housing market that creates jobs and builds stable communities. Home-owning families with incomes from $50,000 to $200,000 could face average tax hikes of $815 in the year after enactment.
Take action now and tell Congress – Do not raise taxes on middle class homeowners in order to cut taxes for corporations!
Silicon Valley Association of REALTORS® says ... 