The recently released tax reform framework promises to lower taxes for the middle class and create economic growth. However, restricting the Mortgage Interest Deduction to just the top 5 percent and repealing the deduction for state and local taxes would eliminate the time-honored tax incentives of owning a home for current and prospective homeowners. It could also lower the value of all homes by more than 10 percent and inhibit growth.
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Dear [Decision Maker],
As your constituent, I urge you to oppose the Tax Cuts and Jobs Act. This bill is a direct threat to consumers and homeowners. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted. The legislation will decimate the long-standing incentives for homeownership.
Increases the standard deduction, which puts homeownership tax incentives beyond the reach of 95% of American families.
Changes the exemption for capital gains tax from the sale of a primary residence
Eliminates the deduction for state and local taxes.
Restricts the deduction for personal casualty losses to presidentially declared disasters.
Restricts the deduction for moving expenses to active duty military.
All this from a bill that is supposed to improve the current tax system. Not only is this legislation a clear and present danger to American homeownership, it will cost our children and grandchildren $1.5 trillion in new federal debt. Vote no on the Tax Cuts and Jobs Act. Do not turn America from a home-owning nation to a home-renting nation.
[City, State ZIP]