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A ‘For Sale’ sign stands outside a new home in Dunlap, Illinois,
NAHB CEO Jerry Howard echoed that opinion on CNBC’s “Power Lunch” Thursday.
“When you put more money into the pocket of the average American, the economy expands. That’s a good thing,” Howard said.
But viewed from another angle in the same industry, the tax plan poses a significant threat to millions of homeowners.
If enacted, the plan “could lead to a tax on homeownership for millions,” the National Association of Realtors said in a statement on Wednesday.
According to the NAR, the framework would ditch certain deductions and exemptions that incentivize buying a home, such as state and local tax deductions.
“The result would all but nullify the incentive to purchase a home for most, amounting to a de facto tax increase on homeowners, putting home values across the country at risk and ensuring that only the top 5 percent of Americans have the opportunity to benefit from the mortgage interest deduction,” the NAR said.