How Tax Reform Could Hurt the Housing Market #finance #realestate #investment #wealth

Source:  DS News

Tax reform is one of the major ticket items on the current administration's agenda, a measure that Congress hopes to tackle now that they are back from summer recess.  When President Donald Trump first announced his modified tax plan - the first comprehensive change in 30 years - one of the main amendments was the elimination of itemized tax deductions, which would be replaced by doubling the standard deduction.

The National Association of REALTORS (NAR), one of the largest organizations in the industry, in their Tax Reform August Recess Talking Points, predicts that real estate agents could see a trickle-down effect if the tax incentives for homeownership is weakened.  They hold the opinion that limited itemized deductions will not entice enough homeowners to enter the housing market when inventory is short and prices continue to rise.  Further, "Homeowners already pay 83 percent of all federal income taxes, and this share would go even higher under similar reform proposals.  Homeowners should not have to pay a higher share of taxes because of tax reform."

Check out the full story here:
http://www.dsnews.com/daily-dose/09-05-2017/how-tax-reform-hurt-housing

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