National Association of Realtors to Congress on Tax Reform: “Do no harm”
On September 14th, chair of the National Association of Realtors’ Federal Taxation Committee, Iona Harrison, testified before the Senate Finance Committee on tax reform. While Harrison was adamant that the National Association of Realtors (NAR) supports tax reform, she cautioned that misguided changes to mortgage interest deductions could raise taxes for middle-class homeowners and potentially threaten the economy.
In a hearing titled “Individual Tax Reform,” Harrison reasoned that because “64 percent of American households are owner-occupied” it follows that “homeownership is not a special interest, but is rather a common interest.” It is this common interest that NAR insists deserves protection in the debate over tax reform.
Harrison reminded senators that “reform that raises [homeowners’] taxes is a failed effort” and that “individual tax rates should be as low as possible while still providing for a balanced fiscal policy.” She maintained, however, that “to achieve these goals, Congress should commit first to doing no harm to the common interest that homeownership provides.”
With mortgage interest deductions and state and local tax deductions under consideration, many in the compliance industry are concerned about the effects of proposed reform on home values. Janus AMC is closely following the Congressional debate on tax reform, and will relay updates as they occur. Check back soon for more compliance insight on the latest industry news.