Tax reform is creating nightmares for many. There is little knowledge of what types of changes are being made.
Tax breaks and other benefits that have long been enjoyed could be over. The thought of this has trade groups and lobbyist in Washington on edge.
States with high taxes could be impacted. A rise in borrowing costs is expected. The housing market could also suffer as well.
The new tax reform could see a standoff as Congress looks to push the plan.
Steven Mnuchin is the Treasury Secretary. He believes that lobbyist shouldn’t have any input into the matter.
He said “The lobbyists shouldn’t have input, but the people in Congress should have input.” He continued by saying “we’ll be working with them closely as we turn this into a bill and get it to the President to sign this year.”
Fight Is On
Tax reform has always been an issue. It has the ability to affect many Americans, while others are eased.
William E. Brown said “we have always said that tax reform — a worthy endeavor — should first do no harm to homeowners.”
Brown is the President of the National Association of Realtors.
The revelation caused a swift response from the real estate industry. They claim that the changes will cause problems for homeowners.
The change could see less people claiming mortgage deductions. This will also affect those who do tax returns.
Regarding the changes Mac O’Brien said “fortunately, the discussion on tax reform is far from over.”
O’Brien said “altering that would make it more difficult for American companies to compete in the global economy and harm job creation and long-term economic growth.”
