The National Association of Home Builders is fighting against the GOP Tax proposal
Home builders are considered among the most politically influential groups, as they play a large role in the local economy for virtually every congressional district — and contribute millions to political campaigns. The powerful group is gearing up after learning that a “homeownership” tax credit it had wanted will not be in an initial version of the bill. They are now preparing a nationwide campaign against the bill.
“We will do everything we can to defeat this thing,” said Jerry Howard, chief executive of the National Association of Home Builders.
What to know:
- Trump and Republicans have cast the measure as a once-in-a-generation rewrite of the federal tax code, one they say will stimulate the economy, create millions of jobs and give voters a reason to stick with their party in next year’s midterm elections. Rep. Kevin Brady (R-Tex.), the chairman of the House Ways and Means Committee, is scheduled to reveal the bill Wednesday.
- Kevin Brady, chairman of the House Ways and Means Committee, has decided to only partially repeal the state and local tax deduction, bending to concerns of colleagues from high-tax states. “At the urging of lawmakers we are restoring an itemized property tax deduction to help taxpayers with local tax burdens,” Brady said in a statement this weekend.
- Much of the pressure, and spotlight, will fall on Brady. Ryan and Brady had been hoping to stave off corporate defections as long as possible, arguing that the plan’s benefits to the economy would outweigh the loss of any industry-specific tax break. But, a decision to roll back key itemized deductions has already alienated the home builders as well as the National Association of Realtors, both major lobbying forces on Capitol Hill.
- Rep. Dan Donovan (R-N.Y.) in an interview on Sunday slammed his party’s tax reform plan, saying residents in his state could lose their homes.”What they’re proposing, John, is to eliminate a deduction from your federal tax return that’s very important to every New Yorker.… to deduct your state and local income tax and your property taxes,” Donovan said in an interview with John Catsimatidis on AM 970 in New York.
Paul Ryan, the Speaker of the House has always talked about tax cuts. This is the closest that he has ever been.
“He has a lot more patience than most people,” said Rep. Devin Nunes (R-Calif.). “This has gone on for years . . . but to get to this point where we’re actually putting pen to paper and then to get everyone on the same page? It’s been a tremendous effort.”
“Hopefully, I contributed a serious, collaborative effort to get to this single, unified tax reform plan,” he said. “Having the architectural designs, the meetings, discussions, I think was helpful to everybody. . . . I want people to know where we’re going, why, and to get their engagement when we’re doing it.” -Kevin Brady