Tax Plan bad for Americans

In an effort to reform taxes, the U.S. House Ways and Means Chairman Dave Camp released a tax reform draft today that included proposed limits on the mortgage interest deduction and capital gains, as well as the repeal of the deductions for state and local property taxes.  These proposed changes will affect every American.

MAREI supports reforms that will spur economic growth, but altering the rules that govern ownership and investment in real estate, we feel will slow economic growth.  As Real Estate according to the National Association of Realtors “powers almost one-fifth of the U.S. economy, employs more than 17 million Americans, and contributes a quarter of all federal and state tax revenue and as much as 70 percent of local taxes.”

 

Read NAR’s Press Release