Washington, D.C. – November 9, 2017 (nar.realtor) Senate Republicans today unveiled their vision for tax reform with a legislative package that includes the elimination of state-and-local tax deductions and a near doubling of the standard deduction, among other provisions.
National Association of Realtors® President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty, said that as NAR reviews the legislation, Realtors® are steadfast in ensuring homeownership is protected throughout the tax debate.
Mendenhall issued the following statement on the bill:
“While we are still reviewing the outlines of this proposal, we are watching closely for changes to current law that might leave middle-class homeowners – and homeownership broadly – in a worse place than it is today. We’ve already seen that a near-doubling of the standard deduction, combined with the elimination of other deductions like the state-and-local tax deduction, can turn the American Dream into a nightmare for families, as the rug is pulled out from under them. Simply preserving the mortgage interest deduction in name only isn’t enough to protect homeownership.
“America still believes in the promise of homeownership. Tax reform should reflect that belief, and as we continue to examine this proposal, that’s exactly what we’ll look to see.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.