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Tax Reform: Why We are Opposed!

Friday, November 10, 2017   (0 Comments)
Posted by: Jennifer Mejia
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This bill is a direct threat to consumers, to homeowners and to our businesses!
 
Millions of homeowners are likely to be affected by this proposal as many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted.
 
What the Legislation Would Do:
 
Caps the mortgage interest deduction at $500K for new mortgages
Cap applies to new mortgage debt (but not refinancing) incurred after November 2, 2017.
Increases the standard deduction
Puts homeownership tax incentives beyond the reach of more than 90% of American families.
 
Limits the exemption on Capital Gains Tax from the sale of a primary residence
New rules would require homeowners to live in their home for 5 of 8 years before a sale to qualify for the exemption, versus just 2 of previous 5 years today. This will create a hardship to homeowners who have to move inside that five-year window.
Exemption phases out for single filers with incomes over $250K ($500K for joint returns). 
 
Eliminates the deduction for state and local income or sales taxes.
Eliminates the Mortgage Interest Deduction for second homes.
Eliminates the deduction for moving expenses.
Eliminates the deduction on interest on student loans.
Eliminates the deduction for medical expenses, even for the elderly.
 
Not only is this legislation a clear and present danger to American homeownership, it will cost our children and grandchildren $1.5 trillion in new federal debt.
 
Tell your Members of Congress you oppose any tax reform plan that would weaken the tax incentives for owning a home.

 

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