Last year, Ways and Means Republicans in Congress put together what the committee called a "blueprint" for tax reform. Titled "A Better Way Forward On Tax Reform," the document outlined how Republicans thought taxes could (and should) be tweaked -- and it has noteworthy similarities with the tax plan that the Trump administration released during the campaign for the Presidency last year, too. Like Trump's campaign tax plan (and the reform plan that's currently being discussed by Ways and Means Republicans), "A Better Way Forward" makes the following changes: It reduces the number of tax brackets from seven to four. It changes how individuals claim tax benefits. Instead of using basic and additional standard deductions -- and personal exemptions for taxpayers, spouses, and children and dependents -- benefits would be consolidated into a larger standard deduction and an "enhanced" child/dependent credit. It would eliminate all itemized deductions except for two: the mortg...
- The business tax rate cut under Trump's proposal would likely be good for real estate agents' and brokers' bottom line.
- Concerns from NAR remain about the effective elimination of the mortgage interest deduction and the future of homeowner taxes (and home values) under the proposal.
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