Get Ready For Tax Reform

Proposals to overhaul the U.S. tax system are gaining steam in Washington, with plenty at stake for homeowners. 

National Association of REALTORS® President Bill Brown is speaking out and committing to fight on behalf of important tax incentives like the mortgage interest deduction, the state and local property tax deduction, and 1031 like-kind exchanges. 

Brown also made it clear that REALTORS® will make their voices heard as the conversation continues on Capitol Hill. 

Transcript

Hi, I’m Bill Brown, 2017 President of the National Association of REALTORS®.

The new Congress and the new administration are gearing up for some big initiatives, and one you’re going to be hearing a lot about in the weeks and months ahead is tax reform.

Our position is clear: NAR will strongly oppose any attempt to limit or eliminate the tax incentives for homeownership and real estate investment.

Many of these incentives have been on the books for decades, and some for more than a century. This support for homeownership represents a time-honored commitment to the approximately 75 million homeowners across the country, and a pathway for millions of renters to achieve the American Dream.

Keeping those incentives in place won’t be easy. Proposals are already beginning to surface that would greatly limit the mortgage interest deduction for most homeowners, and repeal the property tax deduction for everyone.  Other incentives, like the 1031 like-kind exchange, will likely be in the crosshairs as well.

You should know that our work is already underway to defend the MID and other benefits of homeownership and real estate investment. And with 1.2 million REALTORS® across the country, you can bet we’ll make our voices heard.

There’s a long road ahead, but we’re ready to make our case. We’ll be updating you as more information becomes available, and you can also stay up to date by visiting Realtor.org.

Thanks for watching, and keep an eye out for more.

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Window to the Law

Window to the Law is a monthly video series focusing on a legal topic of interest.