Letter: Homeowners need to take a second look at tax plan
Homeowners beware. Realty and home-building associations are concerned about the new tax bill.
The National Association of Realtors worries the new tax bill will lower home prices and hurt middle-class homeowners. The National Association of Home Builders says the tax bill favors the wealthy over the middle class.
If the new tax bill becomes law, the maximum mortgage interest deduction will be cut in half to the first $500,000 of your loan. Your tax bill could go up.
In a second blow, the new tax bill will limit the amount of state and local property taxes you can deduct from your federal taxable income to $10,000.
Our House representative, Mr. Dan Newhouse, has already voted once for the bill and will have to vote again now that the Senate bill passed. If you’re a homeowner worried about the price of your home falling or your taxes increasing, call his office and ask him to vote no the next time around.
Jenna Pope, Richland
This story was originally published December 8, 2017 at 5:00 PM with the headline "Letter: Homeowners need to take a second look at tax plan."