Tax reform proposals swirling around Washington, D.C. right now make some sweeping changes to the tax benefits that homeowners have come to depend on. In fact, 95 percent of the current tax reform plans in Congress threaten to eliminate important tax benefits for homeowners, according to the National Association of REALTORS® (NAR).
The most recent IRS data available shows that at a marginal rate of 25 percent, the average taxpayer saved just under $2,500 in taxes in Kansas and Missouri as a result of the MID and the state and local property tax deduction. Congress is looking to reclaim those savings, taking it from the pockets of homeowners to pay for tax cuts.
As housing goes, so goes the economy. Any tax reform plan
that discourages home ownership is one that all REALTORS® must oppose. Please
TAKE ACTION NOW to remind your Member of Congress that any tax reform must not
dilute current real estate tax provisions vital to the housing market. We need
tax reform, but it must first do no harm to housing.