As House passes middle-class tax increase, Realtors say their work is just getting started
National Association of Realtors President Elizabeth Mendenhall has issued the following statement on the passage in the House of Representatives of the Tax Cuts and Jobs Act, a bill she calls an all-out assault on homeownership:
“It’s disappointing to see this legislation move forward, but the real work to shape this debate is just getting started. Realtors will now look to the Senate as we make our case that the tax reform proposals pending before Congress overwhelmingly remove the tax incentive to purchase and own a home in America.
“This is about much more than a cap on the mortgage interest deduction. Rather, it is about whether homeowners will have the rug pulled out from under them with a tax system that suddenly favors renting over owning in a big way.
“Make no mistake: middle-class homeowners will see their home values fall if this proposal moves forward while large corporations walk away with the bulk of the tax cuts.
“American homeowners shouldn’t have to pay for corporate tax cuts with their home equity. It’s a matter of basic fairness. Realtors will do our part to spread the word as we work with the Senate to address this impending assault on homeownership.”
Source: National Association of Realtors