Local Realtors say they are very concerned about a proposed tax reform draft released by U.S. Rep. Dave Camp, R-Michigan, chairman of the U.S. House Ways and Means Committee.
Camp’s tax plan reduces the corporate tax rate and offsets the anticipated reduction in revenue by eliminating or limiting a number of deductions enjoyed by local taxpayers. Among those are the mortgage-interest deduction, capital gains and the tax deduction for state and local taxes.
Amy Hamilton of Keller Williams Realty in Mt. Juliet, who also serves as president of the Eastern Middle Tennessee Association of Realtors, urged area residents to make their voices heard regarding the proposed legislation.
“Unless we stay informed and participate in voicing our opinion to our elected officials, bills will get passed that drastically affect the money that we earn and the money that we ultimately have to pay to the government,” Hamilton said. “Bills like this get passed, and the average homeowner won’t know anything about it until they go to get their taxes filed and then realize that they can’t deduct so much of what they’ve been able to in the past.”
According to a statement from the National Association of Realtors, the draft proposes “limits on the mortgage-interest deduction and capital gains, and the repeal of deductions for state and local property taxes.
“These proposed changes to the taxation of real estate will impact every single American, either directly or indirectly.”
If you would like to express your opinion to your local representative, you may contact 6th District U.S. Rep. Diane Black, R-Gallatin, at (615) 206-8204.