In late September, a framework for comprehensive tax reform was released. the overarching theme of the framework was to simplify the tax code. The Big 6 “Tax Reform Unified Framework” is being touted as a way to cut taxes for the middle class by compressing the tax brackets. In a statement by Jeffrey DeBoer, the CEO for the Real Estate Roundtable, which is comprised of leaders from all national real estate associations, he stated: “Today’s tax reform ‘framework’ is another significant step toward pro-growth tax reform. As envisioned in the framework, reducing the tax on business income, encouraging capital formation and maintaining the strength of our capital markets will spur economic investment and job creation. The commercial real estate industry is a positive contributor to America’s economy. The industry directly employs millions, provides local governments with its largest revenue source, and plays a key role in Americans’ retirement savings. We are confident that our economy can and should grow faster to the benefit of all. Critical issues and details certainly are ahead and we intend to work closely with Congressional tax-writers as they take tax reform forward.”
NAR leaders are part of this coalition and have expressed some concerns over the proposal. Below are links for several NAR resources recently released. Currently, the framework is being discussed in committees and actual legislation being developed. These points continue to evolve, so stay tuned for more information. Also, call the Association office with questions, comments and concerns and we will make sure that they are communicated to our National liaison.
NAR points on tax reform: http://narfocus.com/billdatabase/clientfiles/172/19/2795.pdf
NAR Facebook Live Event: https://www.facebook.com/31367825182/videos/10159336232455183/