Tag Archives: Tax Reform

New data released Monday reported an in-depth look at the effect changes to the tax code could have on the housing and mortgage markets. Read all the details here.

From inventory, to price appreciation, to the new tax reform bill—the future of the housing market remains uncertain. However, as 2017 winds down, the industry can’t help but predict what’s to come for 2018.

After hours of discussion on the Senate floor, early Saturday morning the United States Senate secured the 50 votes needed to pass its tax bill. The vote was a close 51-49.

Tax reform has been at the top of the agenda for both President Trump and Congressional Republicans in recent months. The Senate version of the tax bill passed ...

The Senate Budget Committee approved the Republican tax bill Tuesday afternoon, clearing another hurdle for the legislation and putting it on track for a full Senate vote.

On Thursday the House passed its tax reform plan with a narrower margin than expected. That same evening, just hours after the House passed their plan, the Senate Finance Committee voted along party lines, 14-12, to forward the proposal on to the full Senate.

Senate Republicans on Thursday released their version of a overhaul plan while House Republicans on the Committee on Ways and Means advanced their reform bill that was initially announced last week to the House floor. The House and Senate must come in line with their tax visions to create one uniform plan to pass through Congress.

According to a major industry organization, President Trump’s potential tax reform could make homeownership unaffordable for many Americans. The President’s plan would raise the threshold on the mortgage interest deduction, allowing only those with the heftiest home loans to take advantage of it. To date, the MI deduction has primarily benefited middle-class taxpayers. If reformed, it may cease to do that.

Because of the need to establish this fiscal balance, the road to achieve Trump’s proposals will be long and rocky, and will require the hard work and cooperation of both sides of the aisle. This proposal has also raised many questions about what Trump’s plan would mean for the housing market. Due to the current lack of detail in his proposed outline, it is difficult to accurately predict the impact a tax system overhaul of this magnitude would have on the economy.

A new bill passed in the New York State Senate could be the key to easing the burden for New York City taxpayers and could be a model for other states to follow in the future.