Home Builders Will Oppose Republican Tax Bill

[riversedge]

Source: wsj



GOP plan would remove incentive for mortgage-interest deduction outside the highest-cost areas, potentially hurting home prices
Updated Oct. 28, 2017 6:41 p.m. ET

WASHINGTON—An influential home builders group will oppose the House Republicans’ forthcoming tax bill, in a blow to the party’s attempt to forge unity among business sectors.

The National Association of Home Builders, which had expressed openness to changes in the mortgage-interest deduction, decided it couldn’t back the GOP bill. The association’s leaders made the decision after top Republicans told them this weekend that they wouldn’t replace deductions for mortgage interest and property taxes with a new tax credit.
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Read more: https://www.wsj.com/articles/home-builders-will-oppose-republican-tax-bill-1509222362

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Repubs plan on pushing this bill trough FAST--little time for opposition.


James Wallner‏ @jiwallner 9m9 minutes ago

This shows that GOP can’t win battle of ideas behind closed doors. Conservatives should instead welcome this debate.

Link to tweet

[elehhhhna]

1. Mortgage interest deductions only for high cost areas? Like where the wealthy people by their homes?

Now they're just trolling us.

[Canoe52]

2. Unusual for the NAHB, they are about right wing as they come. NT

[Igel]

3. Suddenly land developers are viewed as progressives.

The mortgage deduction, it was long since pointed out, contributes to urban sprawl.

Make of that what you will. Many think that doing things to limit sprawl is a good thing. Typically they want it to be a revenue source, however--tax into submission what you don't like because that's a funding source.

As with most things, though, it's hard to judge until details are available. I'm hard-pressed to sort out how we have reliable, trustworthy forecasts of a plan that's only be vaguely sketched out.

[Kolesar]

4. The mortgage interest deduction drives up bids and prices for homes

It is only a bit better than the standard deduction for people who buy modestly priced homes.

Yes, this plan is vague.

[dhol82]

5. If they take away the mortgage deduction it will destroy the housing market in the country

Will never happen.
Same thing for the state and local tax deduction. Can’t imagine someone with a $100,000 tax bill deduction voting for its elimination.

[CousinIT]

7. They're talking away the SALT deduction. Same effect.

Combined with taking the personal exception and doubling the std deduction, makes it worthless to itemize.

So this essentially takes - also - the home mortgage interest deduction. ALL of it. NO deductions, pretty much. Except the doubled std one - which for a LOT of people - will NOT be as much as itemized ones including SALT, home mortgage + personal exemption.

They're fucking over middle class homeowners royally.

[Angry Dragon]

13. lose state tax deduction and property tax deduction

[CousinIT]

6. GOP tax reform will INCREASE taxes for most homeowners & destroy tax advantages of purchasing

These assholes are going to DESTROY the housing market.

AGAIN.

http://homeownershipmatters.realtor/issues/presidents-tax-reform-plan-would-actually-increase-taxes-for-most-homeowners/

[Bengus81]

8. Wait until the National Relators Assoc weighs in on this....

IF the CONS are going to get rid of that write off they're going to scream like never before. What's funny though is that most likely a huge number of realtors probably voted for Trump,knowing what they make per year.

[CousinIT]

11. They have. That's where the article was from. n/t

[Bengus81]

16. So...Realtors want their big tax cut no matter what it does to the deficit and ND but....

they want it AND laws so it doesn't effect THEIR business.

Talk about wanting their cake and eating it too............

[leftofcool]

10. Yep

[dalton99a]

14. +1

[RhodeIslandOne]

9. Why do these home builders hate America? n/m

[Ford_Prefect]

12. Serve them another order of Freedom Fries...

[GatoGordo]

21. They don't.

They are like any political/industry group. They support anything that keeps them relevant.

$$$ = relevance.

[hamsterjill]

24. They got theirs but still want more.

I used to work for someone closely associated with the NAHB. As conservative as bullshit can get. Louis Gohmert was a regular caller to our office. That should tell you something!

[Maxheader]

15. Good reason for having a union..

It promotes working together, including protesting bs laws
twinky tries to pass. Twinkys response?

"Hey guys, look at the cuts down the line!!"

[vkkv]

18. Unions are evil! Because of unions, we the country has been crippled by:

1. Child labor laws
2. 40 hour work weeks
3. minimum wage requirements
4. overtime pay
5. medical leave
6. retirement plans
7. Healthcare

This is why China kills us in manufacturing. We need to abolish these oppressive labor practices so that we can compete globally! Entitled american's actually think they deserve these things!?!?

- BagaDoughnuts 11:27 AM on November 16, 2012

[Maxheader]

22. Free republic will do that to ya...

Rationalize why its good to screw the American working class.

[vkkv]

17. Trump is taking a match to everything.. Burn in all down.. All of it.

[dembotoz]

19. I have sat thru too many networking meeting where realtor praise interest deduction

Guess they are planning to clean up on the for closure market.

[GatoGordo]

20. As a homebuilder, I don't judge a bill on just one aspect of it. Tax deductions for home mortgages?

The National Association of Home Builders (I don't belong to this trade group) is just another lobbying group that looks out for the narrowly defined best interests of it membership. My feeling is that this group only looks out for the best interests of the Big Boys in the industry.

Do I support (as a taxpaying US citizen and business owner) a tax bill that is "fair", and less complicated? Yes I do. Is the Trump tax overhaul "fair" and less complicated? We don't know, as WE haven't even seen it yet. There are lots of reasons to oppose any tax plan brought forth by Trump, but to hitch our wagon to any group because they don't support Trump is foolish.

I am constantly on my guard in regards to admonishing Group A when it serves our purpose, and vilifying group A in the next breath when they don't.

Q. Does the DU rank and file support or oppose the NAHB? If we generally oppose the politics of the NAHB, why should we care what they say? The enemy of my enemy is my friend? That logic is fraught with peril.

[riversedge]

23. Republicans, desperate for a win, already face setbacks as they prepare to unveil tax bill this we

Republicans, desperate for a win, already face setbacks as they prepare to unveil tax bill this week



https://www.washingtonpost.com/powerpost/republicans-desperate-for-a-win-already-face-setbacks-as-they-prepare-to-unveil-tax-bill-this-week/2017/10/29/eee9de82-bb1c-11e7-9e58-e6288544af98_story.html?hpid=hp_hp-top-table-main_taxreform-330pm%3Ahomepage%2Fstory&utm_term=.6bdc26fc8529