{"id":45050,"date":"2017-11-06T18:09:40","date_gmt":"2017-11-06T22:09:40","guid":{"rendered":"https:\/\/blog.myewm.com\/?p=45050"},"modified":"2017-11-06T18:09:40","modified_gmt":"2017-11-06T22:09:40","slug":"nar-is-opposed-to-the-tax-reform-legislation-unveiled-in-the-house-last-week","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=45050","title":{"rendered":"NAR is OPPOSED to the tax reform legislation unveiled in the House last week."},"content":{"rendered":"
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NAR is OPPOSED to the tax reform <\/strong> legislation unveiled in the House last week.<\/strong> This bill is a direct threat to consumers, to homeowners and to our businesses. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted.<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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What the Legislation Would Do:<\/strong><\/p>\n

Caps the mortgage interest deduction at $500K for new mortgages <\/strong><\/p>\n

Cap applies to new mortgage debt (but not refinancing) incurred after November 2, 2017.<\/p>\n

Limit is not indexed to inflation<\/em> causing its value to even further diminish over time.<\/p>\n

Increases the standard deduction<\/strong><\/p>\n

Puts homeownership tax incentives beyond the reach of more than 90% of American families.<\/p>\n

Limits the exemption on Capital Gains Tax from the sale of a primary residence <\/strong><\/p>\n

New rules would require homeowners to live in their home for 5 of 8 years before a sale to qualify for the exemption, versus just 2 of previous 5 years today. This will create a hardship to homeowners who have to move inside that five-year window.<\/p>\n

Exemption phases out for single filers with incomes over $250K ($500K for joint returns).<\/p>\n

Eliminates the deduction for state and local income or sales taxes. <\/strong><\/p>\n

Eliminates the Mortgage Interest Deduction for second homes. <\/strong><\/p>\n

Eliminates the deduction for moving expenses.<\/strong><\/p>\n

Eliminates the deduction on interest on student loans.<\/strong><\/p>\n

Eliminates the deduction for medical expenses, even for the elderly. <\/strong><\/p>\n

Eliminates the deduction for personal casualty losses, such as from hurricanes or wildfires.<\/strong><\/p>\n

All this from a bill that is supposed to improve the current system. Not only is this legislation a clear and present danger to American homeownership, it will cost our children and grandchildren $1.5 trillion in new federal debt.<\/p>\n