California’s largest trade group representing real estate brokers has come out against the Tax Cuts and Jobs Act that is being prepared by congressional Republicans.
“The final tax reform bill released punishes homeowners and weakens homeownership, and in fact, it looks at homeowners and the housing market as nothing more than a piggy bank,” White said. “Congress is touting this as a tax cut for middle-class families, but the reality is that thousands of California middle-class homeowners will be the first ones to face tax increases.”
White added that his state’s evaporation of affordable homeownership opportunities will be further exacerbated if the legislation becomes law.
“With homeownership already a stretch, or out of reach altogether for so many Californians, now is not the time to make owning a home more difficult,” White said.