CABR Government Affairs Update
President Trump Releases U.S. Tax Proposal
By Mark Quarry, Director of Government Affairs
President Donald Trump released his tax reform plan Wednesday, April 26th.
The same day as President Trump’s rollout, the National Association of REALTORS® (NAR) issued the following statement (click here to read) highlighting that while it supports Tax Reform, NAR is opposed to any tax proposal that eliminates any incentives for homeownership.
President Trump’s proposal calls for elimination of most current deductions, including a repeal of the state and local property tax deduction. However, the Mortgage Interest Deduction and the deduction for Charitable Contributions would remain.
While on the surface that sounds good for homeowners, President Trump’s plan would also double the standard deduction from the current $6,350 for single people and $12,700 for married couples.
As NAR President Bill Brown said in his statement, “By doubling the standard deduction and repealing the state and local tax deduction the plan would effectively nullify the current tax benefits of owning a home for the vast majority of tax filers.”
To put it simply, this is the first step in what will likely be a long process as it plays out.
As Associated Press reporter Josh Boak said, “We’re not in the 8th inning on tax reform, we’re barely in the 1st inning.”
CABR will keep you updated in the days, weeks and yes, months ahead, as there will be many developments that occur, so please stay tuned. NAR will also continue to keep its 1.2 million members informed on President Trump’s tax proposal and tax reform efforts by Congress. In addition to NAR.realtor, please visit REALTOR®ActionCenter.com for information.
Provided as a Government Affairs service of the
Cincinnati Area Board of REALTORS®.