Help @NARGovtAffairs impact and influence the Tax Reform conversation. If you signed up to receive Call for Action alerts from NAR (text or email), you recently received one that might have confused you. I received calls and emails inquiring why the alert was sent out. Here is why:
As you are probably aware Congress and the President have been working on Tax Reform. There are several versions and the discussion is ongoing. On September 27, 2017, Republicans in Congress and the President released the Tax Reform Unified Framework for Fixing Our Broken Tax Code. This framework is now the document being used to frame the discussion on tax reform. Good news, members of both parties agree our tax system needs to be reformed. Now the conversation begins with serious considerations and serious consequences.
NAR has been, and is, engaged in these conversations. The Call for Action sent out Wednesday, October 18th was a call for REALTORS® to participate in this conversation. Although there have been many press reports that the MID (Mortgage Interest Deduction) is “safe” and will remain in effect no matter the tax reform package, NAR is concerned the value of the deduction will be negated. Currently, taxpayers who itemize their taxes and own property can deduct their property tax as well. NAR is concerned that if the standard deduction is increased and the property tax deduction is eliminated, the offset will render the MID of little or no value.
NAR has produced a video recapping the high points of the discussion.
The Mortgage Interest Deduction has been an incentive to homeownership for many years, and that is what NAR is attempting to preserve. You can read about the MID, NAR’s talking points and analysis by Congressional District and by State.