A newly proposed tax plan could remove incentives for lower- and middle-class homeowners and buyers.
Realtor.com reports that the National Association of Realtors quickly denounced the Trump Administration’s plan.
Homeowners could see their home’s value decrease and their equity disappear “if tax reform nullifies or eliminates the tax incentives they depend upon, while prospective home buyers will see that dream pushed further out of reach," NAR President William Brown said in a statement.
The plan is slated to cut state and local deductions, and double the standard deduction which taxpayers can use to lower their tax burden. These actions could discourage people from buying homes.