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Call for Action: Reform our tax code and protect middle-class homeowners
Congress is threatening tax incentives for homeowners such as the mortgage interest and state and local property tax deductions. These incentives are critical for a strong housing market that creates jobs and builds stable communities. Don’t let tax reform become a tax increase for middle class homeowners.
Homeownership is the bedrock of our industry and we need to make sure any tax reform legislation protects middle class homeowners.
The tax reform proposed by the Republican leadership will eliminate the incentive for people to buy homes, shrink the middle class, and raise taxes on hundreds of thousands of California homeowners. The doubling of the standard deduction, coupled with the elimination of state and local tax deductions, such as property taxes, will adversely impact California and its housing market. The average California homebuyer could end up paying close to $1,000 more a year in taxes under today’s proposal.
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