The National Association of Realtors® expressed “extreme disappointment” over several of the provisions contained in U.S. House Ways and Means Chairman Dave Camp’s tax reform draft released yesterday, namely proposed limits on the mortgage interest deduction and capital gains, and the repeal of deductions for state and local property taxes.
The NAR says these proposed changes to the taxation of real estate will impact every single American, either directly or indirectly.
“NAR supports reforms that promote economic growth, but we strongly oppose severely altering the rules that govern ownership and investment in real estate. Real estate powers almost one-fifth of the U.S. economy, employs more than 17 million Americans, and contributes a quarter of all federal and state tax revenue and as much as 70 percent of local taxes,” says NAR President Steve Brown.
The group will carefully analyze the details of the Chairman’s plan to determine the best way to educate Congress and the public about how this plan would impact the owners, consumers, and producers of both residential and commercial real estate.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.