New York State’s REALTORS urge the NY Congressional Delegation to oppose tax reform plan
Albany – Sept. 28, 2017 – The following is a statement by New York State Association of REALTORS CEO Duncan R. MacKenzie:
“Apparently some federal lawmakers suffer from amnesia. The Great Recession was a direct consequence of the housing market collapse. The tax reform plan being floated in Washington will certainly put the brakes on what is now a healthy housing market and strong overall economy.
Moreover, it will harm middle-class homeowners across America, especially those in New York State. These are the very people this plan is supposed to help. Currently, the average Empire State homeowner saves $2,200 a year from the Mortgage Interest Deduction and another $2,120 from the real estate tax deduction, according to data from the Internal Revenue Service and the National Association of REALTORS.
The plan now under consideration devalues the mortgage tax deduction and eliminates the deductibility of state and local taxes. It will increase, not reduce, the income tax burden for the vast majority of New Yorkers. If enacted, this will immediately drain the equity so many middle-income earners have built through homeownership.
Tax reform, a worthy endeavor, should improve the economic health of taxpayers by distributing the burden equitably.
For these reasons, New York State’s REALTORS call on our Congressional delegation to vehemently oppose this tax reform plan.”