Congress is considering tax reforms. We urge you to contact your Representatives and Senators and ask them to oppose any tax reform plans that would weaken tax incentives for owning a home.
Protect middle class homeowners. These tax incentives, like mortgage interest deductions as well as state and local property tax deductions are critical for a strong housing market. Strong housing markets help create and maintain jobs and stable communities.
Here is a sample communication:
Dear [Decision Maker],
As your constituent, I urge you to oppose any tax reform plan that would weaken the tax incentives for owning a home, such as the mortgage interest deduction. Additionally, please do not let a tax reform plan increase taxes on middle-class homeowners through the elimination of the state and local tax deduction.
The tax reform framework recently released by congressional leaders and the White House promises to lower taxes for the middle class and to create economic growth. However, by repealing the deduction for state and local taxes, as well as most other deductions, while raising the standard deduction, it would eliminate the time-honored tax incentives of owning a home for 95 percent of current and prospective homeowners. It could also lower the value of all homes by more than 10 percent and damage growth.
Further, because this kind of tax reform would repeal personal and dependency exemptions, millions of middle-income home-owning families could end up paying more tax.
Homeowners already pay 83 percent of all federal income taxes, and this should not go higher in order to fund a tax cut for corporations. Tax reform is important, but should first, do no harm.
Please reform the tax code AND protect middle class homeowners. Do not turn America from a home-owning nation to a home-renting nation.
[City, State ZIP]
Thank you for reading and for your consideration in this important matter.
Video and content credit: National Association of REALTORS®
By Charee Jackson
1920 N. Pittsburgh St., Suite A
Kennewick, WA 99336