NAHB Chair Granger MacDonald today responded to the White House proposal to reform the federal income tax program. His statement follows:
“NAHB commends President Trump for tackling tax reform and keeping the mortgage interest deduction as one of two individual deductions. However, doubling the standard deduction could severely marginalize the mortgage interest deduction, which would reduce housing demand and lead to lower home values.
“On the corporate side, NAHB strongly supports the provision to lower the tax rate to 15% for pass-through entities. This would provide much-needed tax relief for America’s small businesses, which generate the lion’s share of job and economic growth.
“Policymakers also need to take steps to ensure that lower corporate rates do not diminish the effectiveness of the Low Income Housing Tax Credit program, particularly given that the nation is experiencing an acute shortage of affordable housing.
“NAHB looks forward to working with the White House and Congress to craft meaningful tax reform that lowers rates for small business and hard-working families while acknowledging the special role that housing plays to foster economic growth.”
For additional information, contact NAHB’s J.P. Delmore at 800-368-5242 x8412.