Misinformation on Tax Reform

Tackling misinformation spread by Heritage Action for America regarding Tax Reform.

You may have heard of or already received an email asking members as “real estate professionals” to join an effort lead by Heritage Action for America “to push back against special interest groups like the National Association of Realtors that are threatening to destroy Republicans’ efforts to reform the U.S. tax code.” The full letter text is available by clicking here.

This is a complete mischaracterization of NAR’s position on tax reform.  NAR is urging Congress, in the current Call for Action and public advocacy, to pass meaningful reform AND protect homeownership

Here are the facts: 

  • NAR is working to ensure that tax reform proposals do not raise taxes on homeowners, particularly middle class homeowners.  
  • Homeowners already pay 83 percent of all federal income taxes, and this share would go even higher under the current reform proposal. 
  • The current framework nullifies the effectiveness of the mortgage interest deduction for middle class homeowners and eliminates real estate property tax deductibility, two important provisions that promote homeownership and therefore a stronger economy.
  • These changes could cause a loss in home equity of nearly 10%, leading to defaults and foreclosures for some families. 

NAR will continue to work with Members of Congress to point out that homeownership is vital to our economy and should remain a priority during tax reform discussions.   

For additional information on Tax Reform visit: www.NAR.realtor/taxreform
Tax Reform Talking Points are available for download




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