BUILDER NEWS Builders Blast Tax Proposal; Realtors not Smiling Either C ongressional leadership and the Trump Administration stand accused of “abandoning middle-class taxpayers in favor of high-income Americans and wealthy corporations’ by the National Association of Home Builders (NAHB). The remark came in a statement from NAHB Chairman Granger MacDonald regarding Thursday’s release of the framework for the long anticipated Republican tax reform proposal. The National Association of Realtors (NAR) also released a statement critical of the plan, but withheld talking about specifics pending further review. MacDonald had no such reservations. In the statement, which carried the headline “Republican Tax Reform Plan Slams Middle Class,” he said, “The bill eviscerates existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives,” and that “Capping mortgage interest at $500,000 for new home purchases means that home buyers in expensive markets will effectively lose this housing tax benefit moving forward.” The bill, is expected to hit heavy headwinds from other lobbying groups as well. It cuts the corporate tax rate from 35 percent to 20 percent but appears not to eliminate many of the current exemptions that cut the average corporate tax bill to 18 percent. The bill would reduce the current six tax brackets to four; 39.6 percent for households making more than $1 million annually, and 35 percent on incomes from $260,000 to $1 million. A 25 percent rate would apply from $90,000 to $260,000, and percent from $24,000 to 90,000. Households making less than $24 would pay no income tax. Read More Look no further for an insurance agent who can work with you to design an insurance portfolio just right for your business. If you engage in construction or remodeling of one or two family residences in CT then I want to talk to you. Our construction insurance program includes: • General Liability • • • Property Business Auto Inland Marine • Workers Compensation • Umbrella • Builders Risk Kim Marie DiMatteo, CIC, MWCA I have been in the construction insurance business since 1992. I know the markets, the products, and what’s right for you. Call me today to schedule a convenient appointment. 79 Bridgeport Ave, Shelton, CT 06484 | 203.924.5429 | www.dimatteogrp.com 26 HBRA of Fairfield County | NOVEMBER 2017
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