U.S. House Ways and Means Chairman Dave Camp (R-MI) released a draft tax reform plan today, and the National Association of Realtors® was quick to oppose it.
The plan called for limits on both the mortgage interest and capital gains deductions, as well as the repeal of deductions for state and local property taxes.
In a statement, NAR President Steve Brown wrote:
“NAR supports reforms that promote economic growth, but we strongly oppose severely altering the rules that govern ownership and investment in real estate. Real estate 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.
“We are extremely disappointed with several of the provisions contained in U.S. House Ways and Means Chairman Dave Camp’s tax reform draft released today, namely proposed limits on the mortgage interest deduction and capital gains, and the repeal of deductions for state and local property taxes. These proposed changes to the taxation of real estate will impact every single American, either directly or indirectly.
“NAR will carefully analyze the details of the Chairman’s plan so we can best educate Congress and the public about how this plan would impact the owners, consumers, and producers of both residential and commercial real estate.”