Tom Ferry and Steve Harney Talk Tax Reform

As the Founder of Keeping Current Matters, Steve Harney has his finger on the pulse of all residential real estate issues, and he joins Tom to break down how tax reform will impact you.

In this episode you will learn:

  • The 3 biggest impacts
  • Geographic ramifications
  • How your role as an agent changes

What Americans Think of Trump’s Tax Plan

Source: Statista

It looks like a win for Donald Trump: Congress has passed the GOP tax bill. However, the dampener is that this win isn’t very popular with the American public. According to a poll by Quinnipiac University, the majority disapproves of it (52 percent).

Neither do people think it will create jobs nor boost the economy. A large swath of respondents (61 percent) is convinced the tax reform will profit the rich, while only close to a quarter believe the presidents promise to deliver tax respite to the middle class. Many respondents think the bill either won’t affect them or actually increase their tax burden.

Real Estate Infographic

California Homeowners and Consumers to be Hit Hard by Tax Reform Bill, C.A.R. Says

Los Angeles, CA – Dec. 20, 2017 (PRNewswire-USNewswire) The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) issued the following statement in response to the passage of the Tax Cuts and Jobs Act tax reform bill by Congress today:

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“While the impact of this bill may not be as harmful in many parts of the country, here in California where the typical home costs two and a half times the national home price, homeowners and would-be buyers will be hit especially hard. As we move forward and learn the true and full impact of this legislation, we hope we can work with Congress to make the necessary changes that will keep housing as the foundation of this great nation’s economy.”

“We are disappointed that Congress has passed tax reform legislation that puts home values at risk and dramatically undercuts the incentive to own a home,” said C.A.R. President Steve White.

“For more than a century, American tax policy has recognized the value of homeownership to American middle-class wealth creation, strong and stable communities, and as a driver of our economy. Homeownership has been and will always be the foundation of opportunity for Americans across our great nation, and C.A.R. will not stop advocating for it,” said White.

Leading the way… ® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Senate Tax Reform Bill is Direct Attack on Homeownership in California, C.A.R. Says

Los Angeles, CA – Dec. 2, 2017 (PRNewswire-USNewswire) The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the passage of the Senate tax reform bill:

“We are disappointed that the Senate voted to pass a tax hike bill on California homeowners. This bill will eliminate the financial benefits for homebuyers and leave hundreds of thousands of Californians worse off than they are today,” said C.A.R. President Steve White. “If the goal of this bill is to help middle-class Americans keep more of their hard-earned money, this proposal fails miserably.”

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“We thank California Sens. Dianne Feinstein and Kamala Harris for opposing this legislation that attacks homeownership by significantly reducing incentives for people to buy homes. California already has a severe housing affordability crisis, and this bill will make it that much harder for Californians looking to attain the American dream,” said White.

Leading the way… ® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.