NAHB Opposes Tax Reform Plan

Filed in Capitol Hill, Homeownership by on October 28, 2017 11 Comments

NAHB came out today in official opposition to the House Republican tax reform legislation to be unveiled Nov. 1. The sudden shift came after the House leadership unexpectedly informed NAHB CEO Jerry Howard that a meaningful homeownership tax incentive targeted to the middle class and negotiated in good faith with members of the House Ways and Means Committee would be stripped from the bill.

NAHB Chairman Granger MacDonald released the following statement explaining our decision to oppose the tax bill:

“Lawmakers missed a golden opportunity to give the American people a tax reform package that would boost middle-class families and promote greater housing opportunity for Americans across the economic spectrum.

“This plan is particularly disappointing, given that the nation’s home builders warned that the proposal would severely diminish the effectiveness of the mortgage interest deduction and presented alternative policies that would retain an effective housing tax incentive in the tax code.

“NAHB worked closely with leaders of the House Ways and Means Committee to develop a better homeownership tax incentive that will ensure the middle class – not the wealthy – benefits. Last week, it appeared that we had a deal that would establish a meaningful homeownership tax credit that would benefit tens of millions of households. Unfortunately, we were told by the House leadership that the credit will be removed from the bill.

“By sharply reducing the number of taxpayers who would itemize, what’s left is a tax bill that essentially eviscerates the mortgage interest deduction and strips the tax code of its most vital homeownership tax benefit. This tax blueprint will harm home values, act as a tax on existing home owners and force many younger, aspiring home buyers out of the market.

“Given that owning a home is the largest asset for most American households, it makes little sense to offer a tax bill that effectively abandons the nation’s long-standing commitment to housing.

“This plan will hurt millions of hard-working American families and marginalize homeownership. The American people deserve better.”

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  1. Curtiss Lawless says:

    Under the propose tax plan my federal taxes will go from 13,450 to 15,630 and I’m middle class. I will be forced into accepting the standard deduction. I won’t be able to itemize anymore. I live in California. So yea, why own a home anymore. I’ll just rent for a lot cheaper and less headaches and put the house money into the stock market

  2. BERT DI ANGELO says:

    elimination of medical expenses , I WORKED FOR 48 YEARS AND PAID THE SYSTEM. NOW THAT MY WIFE NEEDS HOME CARE AND IT COSTS ME APPROX 50,000 A YEAR I WILL NOT BE ABLE TO DEDUCT ON TAXES. NO GOVERNMENT ASSIST BECAUSE I WORKED; IT IS IF YOU DONT WORK AND YOU GET EVERYTHING FREE MEDICAID, . THIS SYSTEM IS A JOKE . TO MANY FREELOADERS IN THE USA !!!!

  3. E Simon says:

    Please help ensure this tax reform does not go through as it is currently written. We live in NY and work hard to work full time to support our family and recently bought a home and owuld lose part of our property tax deduction. This tax reform would cause a large increase in our taxes. Please help us be able to save for the future. If there are any peitions or other people to contact to help stop the current tax bill, please post them and we can spread the word.

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