By Jann Swanson | Mortgage News Daily
Congressional leadership and the Trump Administration stand accused of “abandoning middle-class taxpayers in favor of high-income Americans and wealthy corporations’ by the National Association of Home Builders (NAHB). The remark came in a statement from NAHB Chairman Granger MacDonald regarding Thursday’s release of the framework for the long anticipated Republican tax reform proposal. The National Association of Realtors (NAR) also released a statement critical of the plan, but withheld talking about specifics pending further review.
MacDonald had no such reservations. In the statement, which carried the headline “Republican Tax Reform Plan Slams Middle Class,” he said, “The bill eviscerates existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives,” and that “Capping mortgage interest at $500,000 for new home purchases means that home buyers in expensive markets will effectively lose this housing tax benefit moving forward.”