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Tax Cuts and Jobs Act

The National Association of Realtors is urging its members to oppose the Tax Cuts and Jobs Act, tax reform legislation being considered in the United States Senate. 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 includes changes to the exemption on capital gains tax from the sale of a primary residence, elimination of the deduction for all state and local taxes, and elimination of the deduction for interest on home equity loans. 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.

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