The tax plan, as currently proposed, eliminates the mortgage interest deduction for all but the top 5% of homeowners and removes the ability of homeowners to write off their local and state taxes.
SARATOGA, Calif. (PRWEB) September 30, 2017
Alain Pinel Realtors’ (APR) Vice President and Regional Manager Jeff Barnett traveled to Washington, D.C. to meet with Assistant Deputy Secretary of the U.S. Treasury Drew Maloney to talk about the tax plan blueprint recently proposed by the Trump Administration and Congressional Republicans. The meeting took place on Sept. 27 where Barnett, as part of a delegation of the National Association of Realtors (NAR) Large Firm Residential Group, discussed the association’s concerns about the newly proposed plan.
Barnett currently serves as vice chair NAR’s Large Firm Residential Group.
“The tax plan, as currently proposed, eliminates the mortgage interest deduction for all but the top 5% of homeowners and removes the ability of homeowners to write off their local and state taxes as well as family deductions,” noted Barnett. “If this plan were to pass as is, it could easily lower property values across the country by 10 percent or more. Removing the incentive to buy a home would have a chilling effect on the real estate market, not to mention the American economy in general.”
Following the Treasury meeting, the NAR delegation also met with Senator Johnny Isakson (R-Ga.), a member of the U.S. Senate Committee on Finance which has jurisdiction over tax reform. Meetings with U.S. Representatives Brad Sherman (D-Sherman Oaks, CA) and Keith Rothfus (R, PA-12), both members of the House Financial Services Committee, also took place. The NAR delegation noted that housing represents 15-to 18-percent of the U.S. gross domestic product and urged Congress to not remove critical homeownership incentives.
About Alain Pinel Realtors®
Alain Pinel Realtors (APR) is the largest privately owned residential real estate company in Northern California and is consistently ranked among the top 10 largest residential real estate firms in the United States based on closed-sales volume. The firm has 1,400 agents in more than 30 offices throughout Northern California. APR was founded in 1990 by Chairman and CEO Paul L. Hulme, and is based in Saratoga, Calif. Visit us at apr.com, china.apr.com, facebook.com/AlainPinelRealtors, and @AlainPinel.