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A looming $1 billion tax on housing

Posted by   /  July 31, 2018  /  No Comments

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President Trump’s proposed 10% tariffs on $200 billion worth of Chinese imports — including nearly 500 products used in residential construction — could have major ramifications for the housing industry.

Of the planned $200 billion in tariffs, NAHB economists estimate that $10 billion of goods used by the home building community would be subject to the 10% levy.

Put another way, if the tariffs take effect, this would represent a $1 billion tax increase on residential construction.

Keep in mind that this tax increase would come on top of the current 20% tariffs on softwood lumber imports from Canada. Since the beginning of last year, lumber prices are up more than 40% due in large part to the tariffs, and this higher cost has added several thousand dollars to the price of a typical single-family home.

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  • Published: 2 years ago on July 31, 2018
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  • Last Modified: July 31, 2018 @ 7:49 am
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