The U.S. Senate Finance Committee has proposed a “Blank Slate” approach to tax reform. This approach would initially eliminate every provision in the tax code, including those that encourage real estate ownership and investment. Any eliminated provision would only be added to any new tax legislation if the expenditure could be justified by helping to grow the economy. Realtors® agree that reforms to different portions of the individual tax code may be warranted, but it shouldn’t be done at the expense of current and future homeowners, especially since real estate markets are finally on the road to recovery.
- “What’s at Stake?”
A blank slate approach to tax reform could effectively eliminate the mortgage interest deduction, capital gains exemption on the sale of a primary residence and home tax credits, such as those for energy efficiency. Talk to a Realtor® about the importance of these tax provisions. Ask homeowners what they think about the MID and other homeownership tax polices.