Tax Proposals Anger Builders, Real Estate Agents, Charities arCongress is on recess, so things e mostly quiet in Washington. Don’t expect that to last. The offices of the National Association of Home Builders and the National Association of Realtors are gearing up for a fight. CNBC reports: With U.S. Congress members focused during their August recess on finding ways to lower the corporate tax rate, industry groups and other sectors of society are gearing up to fight proposed changes to the personal income tax. While tax cuts for business have garnered the most headlines, lobbyists and lawmakers have conceded that rewriting the corporate tax code will be a long slog. ... ...Still, proposed changes to the personal tax code have already stirred opposition from real estate agents, home builders, mortgage lenders and charities. These groups say proposed changes will hurt home sales and cut charitable contributions. The National Association of Realtors issued an “August Recess Talking Points” circular imploring members to remind lawmakers that “Homeowners must be treated fairly in tax reform” to avoid “another housing crash.”... ... To simplify the tax code, Republicans have proposed eliminating nearly all tax write-offs including those for state and local taxes, then doubling the standard deduction. This would eliminate the incentive to itemize and should drastically reduce the number of taxpayers who do so. ... ...Currently, about 30 million taxpayers claim the mortgage interest deduction, with about $70 billion in total claims, according to Robert Dietz, an economist with the National Association of Home Builders. Estimates suggest more than half of taxpayers would stop itemizing under the proposed plan, Dietz said, warning that this would create a large ripple effect through the economy. He said people in early years of a mortgage would suffer most, along with prospective home buyers. Read More SEPTEMBER 2017 | HBRA of Fairfield County 31
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