Upcoming Congressional Actions:
On Wednesday, September 27, 2017 the “Group of Six” consisting of Treasury Secretary Steven Mnuchin, Senate Majority Leader Mitch McConnell, Speaker of the House Paul Ryan, Senate Finance Committee Chairman Orrin Hatch, House Ways and Means Committee Chairman Kevin Brady and National Economic Council Director Gary Cohn will release a broad tax reform outline.
The plan is expected to double the standard deduction and eliminate all personal deductions except the Mortgage Interest Deduction and the deduction for Charitable Contributions. The plan eliminates the deduction for State and Local Taxes. This one-two punch will deliver a crippling blow to middle class homeowners by removing economic incentives for homeownership and raising taxes by an average of $851. By doubling the standard deduction, the Mortgage Interest Deduction would only be available to the top 5% of taxpayers.
NAR Messages to Congress
On Tuesday, September 25, 2017, NAR will launch a $6.5 million Public Issue Advocacy plan to highlight NAR opposition to any proposal that results in higher taxes on middle class homeowners.
Phase One: Issue messages will run in targeted Capitol Hill publications.
Start Date: September 25, 2017
Phase Two: Online issue video messages targeted to consumers in Congressional Districts represented by all 40 members of the House Ways and Means Committee and the 26 States with members of the Senate Finance. Online issue ads will be sent to the NAR consumer database file in the targeted areas.
Start Date: October 2, 2017
Phase Three: Online issue video messages targeted to consumers in Congressional Districts and States disproportionally affected by a potential elimination of the State and Local Tax deduction.
Start Date: Late October 2017
If you have any questions please contact NAR Government Affairs Communications Director