By NAR 2013 President Gary Thomas
On April 15th, it’s a good time to remember something Will Rogers once said. He noted that, “the difference between death and taxes is death doesn’t get worse every time Congress meets.”
As the U.S. Congress considers action on comprehensive tax reform, you can be sure that NAR is doing its best to protect the many long-standing tax incentives to home and property ownership.
These include the following:
- mortgage interest deduction
- capital gains exclusion on the sale of a principal residence
- deduction for mortgage insurance premiums on private mortgage insurance and FHA-backed insurance
- state and local property tax deduction
- carried interest on commercial real estate
We’re going to have to stay on top of the action. These are complicated issues that will not be settled with a direct up or down vote that affects only real estate. They may easily be tucked into the language on a larger bill, and things may move very fast when the time comes.
Right now, we’re in the early stages of what we expect will be a long process. The House Ways & Means Committee and the Senate Finance Committee are holding ongoing meetings on the issues. As REALTORS®, we have a seat at the table and are sharing our views.
We tell members of Congress and staff how necessary these incentives are for rebuilding the national economy. Since we’re in the midst of a fragile recovery, additional housing taxes would crush the real estate market just as it is poised to help lift us out of the economic doldrums.
Our goal is to see that the tax code will continue to reflect the fundamental American value that homeownership helps build financial stability. Not only is this the right policy for housing, it’s also the best for families, for communities and the entire country.
Our government tax policy should encourage homeownership while giving more Americans a chance for their little piece of heaven. Support NAR and keep real estate tax incentives alive!