WASHINGTON (November 16, 2017) – The House of Representatives today passed H.R. 1, the “Tax Cuts and Jobs Act,” a bill National Association of Realtors® President Elizabeth Mendenhall has called an all-out assault on homeownership.
Mendenhall issued the following statement:
“It’s disappointing to see this legislation move forward, but the real work to shape this debate is just getting started. Realtors® will now look to the Senate as we make our case that the tax reform proposals pending before Congress overwhelmingly remove the tax incentive to purchase and own a home in America.
“This is about much more than a cap on the mortgage interest deduction. Rather, it is about whether homeowners will have the rug pulled out from under them with a tax system that suddenly favors renting over owning in a big way.
“Make no mistake, middle-class homeowners will see their home values fall if this proposal moves forward, while large corporations walk away with the bulk of the tax cuts.
“American homeowners shouldn’t have to pay for corporate tax cuts with their home equity. It’s a matter of basic fairness; 1.3 million Realtors® have known since the beginning, and America’s 75 million homeowners are just beginning to learn, that homeowners will be the ones paying the tab. Realtors® will do our part to spread the word as we work with the Senate to address this impending assault on homeownership.”