{"id":6239,"date":"2017-09-15T00:00:00","date_gmt":"2017-09-15T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/tax-reform-proposals-threaten-homeowners\/"},"modified":"2017-09-15T00:00:00","modified_gmt":"2017-09-15T00:00:00","slug":"tax-reform-proposals-threaten-homeowners","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/tax-reform-proposals-threaten-homeowners\/","title":{"rendered":"Tax Reform Proposals Threaten Homeowners"},"content":{"rendered":"<p>\n<\/p>\n<div property=\"dc:description\" readability=\"59.388855602157\"><!--paging_filter--><\/p>\n<p>REALTORS\u00ae took their concerns over tax reform proposals to Capitol Hill on Wednesday, with Iona Harrison, chair of the National Association of REALTORS\u00ae\u2019 Federal Taxation Committee, warning the Senate Finance Committee that they limit or nullify the tax incentives for homeownership. Harrison said the proposals would actually raise taxes on millions of middle-class homeowners and reminded senators that a drop in home values following tax reform is a significant risk.<\/p>\n<table align=\"left\" border=\"0\" cellpadding=\"5\" cellspacing=\"5\" style=\"width: 400px;\">\n<tbody readability=\"2\">\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" alt=\"\" src=\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_may\/IonaHarrison.jpg\" style=\"width: 400px; height: 188px;\"\/><\/td>\n<\/tr>\n<tr readability=\"4\">\n<td><em>Representatives from the National Association of REALTORS\u00ae testified in front of the Senate Finance Committee on Wednesday about the possible negative consequences tax reform could have on homeownership.<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u201cReal estate is the most widely held category of assets that American families own, and for many Americans, it\u2019s the largest portion of their family\u2019s net worth,\u201d Harrison testified, adding that 64 percent of American households are owner-occupied. \u201cWe believe that homeownership is not a special interest, but is rather a common interest.\u201d<\/p>\n<p>Although there is currently no legislation on the table to reform the tax code, concepts have emerged over the past year that would affect homeownership. Changes being considered include the elimination of the federal tax deduction for state and local taxes, a proposal to double the standard deduction\u2014which would effectively nullify the value of the <a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">mortgage<\/a> interest deduction for all but the highest-earning families\u2014and a cap on the amount of mortgage interest that could be deducted.<\/p>\n<p>Some critics of the <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">real estate<\/a> deductions claim they benefit only a small number of wealthy individuals. But during Harrison\u2019s testimony, she presented some of the following data to show that the deductions are important for a large number of homeowners:<\/p>\n<ul>\n<li>70 percent of the value of real property tax deductions in 2014 went to taxpayers with incomes less than $200,000.<\/li>\n<li>53 percent of individuals claiming the itemized deduction for real estate taxes in 2014 earned less than $100,000.<\/li>\n<li>32.7 million tax filers claimed a deduction for mortgage interest in 2015.<\/li>\n<li>Half of taxpayers with mortgages of more than $500,000 have an adjusted gross income of less than $200,000, according to research conducted for NAR.<\/li>\n<\/ul>\n<p>Harrison also reminded the Senate <a href=\"https:\/\/amazingproperty.com.ng\/blog\/construction-loans-for-commercial-and-residential-builders\/\">Financing<\/a> Committee that tax reform in the past has brought unintended consequences for the economy. In 1986, Congress eliminated or significantly changed several tax provisions, including within real estate, in order to lower rates. But five years later, in 1991, the rates were increased. \u201cMost of the eliminated tax provisions never returned, and in the case of real estate, a major recession followed,\u201d Harrison said.<\/p>\n<p>Though NAR supports tax reform, the association has said any effort must protect homeownership incentives. \u201cHomeowners already pay 83 percent of all federal income taxes, and reform that raises their taxes is a failed effort,\u201d Harrison testified. \u201cNAR supports the goals of simplification and structural improvements for the tax system, and individual tax rates should be as low as possible while still providing for a balanced fiscal policy. We simply believe that to achieve these goals, Congress should commit first to doing no harm to the common interest that homeownership provides.\u201d<\/p>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<p><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/VG_rl3FkGTM\/tax-reform-proposals-threaten-homeowners\"> Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>REALTORS\u00ae took their concerns over tax reform proposals to Capitol Hill on Wednesday, with Iona Harrison, chair of the National Association of REALTORS\u00ae\u2019 Federal Taxation Committee, warning the Senate Finance Committee that they limit or nullify the tax incentives for homeownership. Harrison said the proposals would actually raise taxes on millions of middle-class homeowners and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6240,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[518,1331,447,12908,543,3051,627,617,408,312,1007,41,818,84,479,15282,1262],"class_list":["post-6239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-america","tag-finance","tag-financing","tag-home","tag-home-buying-guide","tag-homeowner","tag-homeowners","tag-house","tag-mortgage","tag-mortgages","tag-owners","tag-property","tag-real","tag-real-estate","tag-realtor","tag-ross","tag-taxes"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7448,"url":"https:\/\/amazingproperty.com.ng\/blog\/homeowners-say-tax-reform-would-hurt-them\/","url_meta":{"origin":6239,"position":0},"title":"Homeowners Say Tax Reform Would Hurt Them","author":"Amazing Property","date":"December 13, 2017","format":false,"excerpt":"A majority of recently surveyed homeowners say that changing homeownership tax incentives would restrict their mobility and cause them financial strain, according to new data from the National Association of REALTORS\u00ae\u2019 fourth-quarter Housing Opportunities and Market Experience survey. Learn More About Tax Reform How Tax Reform Affects Homeowners in Each\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Narhometaxsurvey.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/NARHOMETaxSurvey.jpg?fit=1081%2C1081&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/NARHOMETaxSurvey.jpg?fit=1081%2C1081&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/NARHOMETaxSurvey.jpg?fit=1081%2C1081&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/NARHOMETaxSurvey.jpg?fit=1081%2C1081&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/NARHOMETaxSurvey.jpg?fit=1081%2C1081&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":6960,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-gops-tax-plan-attacks-homeownership\/","url_meta":{"origin":6239,"position":1},"title":"NAR: GOP\u2019s Tax Plan \u2018Attacks Homeownership\u2019","author":"Amazing Property","date":"November 6, 2017","format":false,"excerpt":"Republican strategist Steve Schmidt predicted during the REALTORS\u00ae Conference & Expo in Chicago on Saturday that Congress would not pass the GOP\u2019s tax proposal. Congressional Republicans are pushing the bill, he said, simply because they need a legislative victory. Read more. The recently released GOP tax reform plan would decrease\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"11 6 17 Steveschmidt.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/11_6_17_SteveSchmidt.jpg?fit=400%2C266&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3875,"url":"https:\/\/amazingproperty.com.ng\/blog\/mendenhall-urges-lawmakers-to-keep-incentives-for-homeowners\/","url_meta":{"origin":6239,"position":2},"title":"Mendenhall Urges Lawmakers to Keep Incentives for Homeowners","author":"Amazing Property","date":"April 26, 2017","format":false,"excerpt":"As the Trump administration unveils its plan to reform the U.S. income tax system, NAR President-elect Elizabeth Mendenhall visited key lawmakers on both sides of the aisle yesterday to remind them of the central role the mortgage interest deduction and other tax code provisions have long played in incentivizing Americans\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Mendenhall-Neal-042517-2.JPG?fit=450%2C212&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6900,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-vows-pushback-on-tax-reform\/","url_meta":{"origin":6239,"position":3},"title":"NAR Vows Pushback on Tax Reform","author":"Amazing Property","date":"November 3, 2017","format":false,"excerpt":"\u201cThe bottom line is removing tax incentives means fewer home buyers and lower home values,\u201d Iona Harrison, chair of NAR\u2019s Federal Taxation Committee, said of the House GOP tax plan at the REALTORS\u00ae Conference & Expo welcoming ceremony Thursday. Tax reform was the buzzword of the day as 20,000 attendees\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"11 3 17 Taxreform3.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/11_3_17_TaxReform3.jpg?fit=600%2C399&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/11_3_17_TaxReform3.jpg?fit=600%2C399&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/11_3_17_TaxReform3.jpg?fit=600%2C399&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7305,"url":"https:\/\/amazingproperty.com.ng\/blog\/1-month-left-to-sell-before-possible-tax-hike\/","url_meta":{"origin":6239,"position":4},"title":"1 Month Left to Sell Before Possible Tax Hike","author":"Amazing Property","date":"November 30, 2017","format":false,"excerpt":"Some home sellers would need a sale contract inked before the end of 2017 in order to avoid a big tax bill that would be imposed if the GOP tax reform proposals become law. Both the House and Senate bills would require sellers to have lived in their residence for\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"1512079515 1 Rss.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/1512079515_1_rss.png?fit=456%2C1200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":690,"url":"https:\/\/amazingproperty.com.ng\/blog\/lawmakers-need-realtors-on-tax-reform\/","url_meta":{"origin":6239,"position":5},"title":"Lawmakers Need REALTORS\u00ae on Tax Reform","author":"Amazing Property","date":"February 9, 2017","format":false,"excerpt":"[ad_1] The chairman of the tax-writing House Ways & Means\u00a0Committee\u00a0joined\u00a0REALTORS\u00ae\u00a0at NAR\u2019s 2017 Federal\u00a0Policy Conference\u00a0in Washington\u00a0yesterday and\u00a0urged\u00a0them\u00a0to stay engaged\u00a0over the next year\u00a0while lawmakers in Congress look at a full-scale reform of the country\u2019s tax code. NAR President William Brown greets Rep. Kevin Brady (R-Texas), chair of the tax-writing House Ways &\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/2_9_brown_brady.png?fit=1200%2C805&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/2_9_brown_brady.png?fit=1200%2C805&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/2_9_brown_brady.png?fit=1200%2C805&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/2_9_brown_brady.png?fit=1200%2C805&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/2_9_brown_brady.png?fit=1200%2C805&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/IonaHarrison.jpg?fit=400%2C188&ssl=1","_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=6239"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/6240"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=6239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=6239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=6239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}