The California Association of Realtors issued the following statement in response to the final Tax Cuts and Jobs Act tax reform bill released Saturday:
“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,” said C.A.R. President Steve White. “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.”
“California is a donor state, meaning for every dollar we send to the federal government, they send back less than a dollar. California homeowners and consumers deserve better. With home ownership already a stretch, or out of reach altogether for so many Californians, now is not the time to make owning a home more difficult.”
“C.A.R. will continue to advocate for homeownership and urge Congress to vote No on legislation that negatively impacts California homeowners and lowers corporate taxes on the backs of families wanting to buy a home,” said White.
Leading the way in California real estate for more than 110 years, the California Association of Realtors (www.car.org) is one of the largest state trade organizations in the United States, with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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32 Comments
How does the plan specifically weaken homeownership?
According to the New York Times. Looks to me the way upper middle would be affected.
But to me “driving down home prices in high end markets” seems like a positive to the majority desperately trying to own
It doesn’t, that’s liberal BS!
Mary, by lowering the amount of interest that can be written off and making the property taxes less deductible, it weakens the potential buyer market.
Hummm, Gov. Brown has ruined home ownership! Property taxes are ridiculously high. 3bdrn,2 bath,1300 sq ft, built in 66, appraised @300k, taxes are 4400$ a year! Gasoline highest in country! Sales tax 9.50%! Realtors commissions5-6%. Hugh # of Illegals, sanuaury state, businesses leaving and realtors want to blame Trumps tax plan! A bunch of liberal whining freeloaders!!
It’s not blaming it’s what the tax plan is doing plain and simple
Franco Pulido Clapham Franco, wait and see. Listen to other analysts besides the liberal media. It’s driving them crazy that this tax bill will pass, help most Americans finally, in spite of all their twisted facts! 8 years of Obama and 10 trillion debt tanked this economy and now we will see big positive changes!
Bottom line: Tax law limits mortgage write-off at $10,000 a year. It impacts the wealthy – California government could implement counter law – like lowering property taxes…
Your current amount of tax deduction is grandfathered in! Only If you sell and or buy another house and your taxes are higher then 10k, will you fall under this tax law. Plus, ca.and Ny, have spent property tax dollars foolishly and you haven’t whined til now about the states socialist program giveaways til it hurts in your wallet!
Loving it Shirley. Glad there is someone here who understands the tax laws, how how our tax dollars are inefficiently used by Fed and State. Let’s put money back into the hands of our economy and not by government. If tax dollars are efficiently use, there is more than sufficient tax revenue for our government. If the richer benefit, tgat’s Great!! You know why? The rich put their money to work. And for those of you who say that they will only save and keep in the Bank? Well, people with money are not going to be satisfied earning 1-2%. They find greater returns elsewhere which generally means more work. But let’s argue that the rich will only hoard the money in their bank accounts. Well then, guess what the banks do with the money? It doesn’t just sit around… it leads to home loans and loans to companies which create jobs. Let’s take this thought to the next level. What happens when more people are employed and warning a better income? You got it, more state and fed tax revenue. When President Reagan Admin passed the massive tax cut in the 80’s, tax revenue grew to more than pre tax cut.
No Shirley I’ve been complaining for a while. State & Local politicians are criminals.
I can vouch for mr. Ray. He has been complaing about it for a while.
I write my local representatives – but they’re left wing wackos
How you like that John Foley – I’ll make you famous
Rep. Steve Knight voted to have his constituents pay more in taxes. There is no dispute to this fact – despite what Hannity may tell you. Mortgage carrying and small business owner (not large Corps) constituents will pay significantly more in taxes. Call Knight now.
Rep. Steve Knight voted to have his constituents pay more in taxes. There is no dispute to this fact – despite what Hannity may tell you. Mortgage carrying and small business owner (not large Corps) constituents will pay significantly more in taxes. Call Knight now.
Just liberal BS! Whine to Gov.Brown about high property taxes then! If you’re property taxes or state taxes are higher then 10k after your tax right offs,cash hiding income, then you should pay more to support the illegals you hire!
Now Shirley, i’m On your side but that was uncalled for. >:-/
Attn Steve Knight!! Please help California
Can’t fix Calif. they’ve squandered our tax dollars and this is the outcome.Leanne, Calif. is beyond help until you get rid of the socialist governing party! Can’t blame Republicans for high taxes in Calif!
Libtards love their taxes high? Common Good?
Here we go again “Blah blah blah libtards” this. “blah blah blah Liberalism is a mental disorder” that – you people need some NEW material, you say “liberal” likes it’s a bad thing. In actuality, CONSERVATIVES are absolutely WORTHLESS, always on the WRONG side of HISTORY throughout HISTORY.
It’s YOU CONSERVATRASH (NOTICE I did NOT say “Republican” or “Democrat”) who have NEVER contributed anything of substance, worth OR value to America or society. EVER. EVERYTHING that moved Europe AND America FORWARD was brought to you by LIBERALS, MODERATES, PROGRESSIVES, or through an act of bipartisan legislation. But absolutely NOTHING from far-right conservatives. NOTHING NADA. ZIP. ZILCH. AT LEAST nothing GOOD, anyways. You know what conservatism brought us ? You know what the TEAliban Party of “Bible, Flag and Guns” contributed ? Well, off the top of my head, Prohibition. The Great DEPRESSION. The Recession – the WORST financial crisis since the Depression. Unfunded and endless wars in the Mideast. STAGGERING Federal Deficits. Segregation. A Civil War. Wage gaps. Bragging about “keeping wages low”. The KKK. Opposition to living wages. A war against Unions and the Working Class. Tax cuts for the rich on the backs of US working class Americans … Endless wars in the Mideast, trying to dupe us into believing that dying for oil is “fighting for Freedoms”… Ignorance and stupidity because their ideology demands they deny basic truths and facts by calling them “FAKE NEWS” (“Climate change is a hoax ! Tobacco doesn’t cause lung diseases ! Lead isn’t harmful ! Evolution is just a theory ! Solar is bad ! Coal is good !”) Limiting access to women’s health services. A health care system that was # 36 in the WORLD (before the ACA.) In 1998, Former Gov. Pete Wilson, a Republican, pushed through regulation in 1998 that rescinded daily overtime after a 40-hour week.
In stark contrast, everything from the Abolition of Slavery, desegregation, Voting rights, The Clean Air and Water Act, the EPA, the 40 hour work week, the weekend, OVERTIME, DOUBLETIME (which the current GOP is trying to take away, BTW,) Women’s’ rights to VOTE, the GI Bill, Civil Rights, the GI Bill, The Endangered Species Act, Earned Income Tax Credit, Family & Medical Leave Act, Consumer Product Safety Commission, Americans With Disabilities Act, Freedom of Information Act, Women’s right to control their reproductive future, Allowing citizens to view their own credit records, The Internet, Balancing the federal budget, The Brady Bill (5-day wait on handgun purchases for background checks), The Department of Education, The Department of Energy, The Department of Transportation, The Department of Housing and Urban Development, Labor Laws, The Marshall Plan, Food Safety Laws, Workplace Safety Laws, The Tennessee Valley Project, The Civilian Conservation Corps, solar power, wind power, electric and hybrid vehicles, The Securities and Exchange Commission, public education, you name it – ALL brought to you because of a progressive agenda dictated by societal changes, technological breakthroughs, scientific discoveries, and the need to remain a competitive economic force in the world marketplace. So in a nutshell, if a conservative opposes it, it’s GOOD FOR AMERICA !!!!!
Wow, ?take a deep breath and stop whining. Calif. Put Socialist liberals in office and the state is broke, so send more taxes to Gov.Brown with a thank you note, and don’t blame consertives!
No Shirley E Vercelli.
California is the sixth largest economy in the WORLD and we are poised to overtake Great Britain economically and on track to become the FIFTH largest economy.
It’s our tax dollars going back to government to support the Midwest .
If California broke away and became our own country Red state MOOCHERS in the Midwest would STARVE.
A Mortgage write off over $10,000 is not for middle class people.
Your message is like inviting Kids to an ice cream shop to look at all of the new flavors, then having them stand outside because the door is not yet open. When I opened the link, I expected to see specifics on exactly how the revised tax law negatively impacts home buying and homeowners. If you or anyone can provide details, it would be helpful.
Thank you,
Joe
First, if you own a home nothing changes. Second if you buy a home in the future, unless you pay over $750,000 for it, mortgage interest is still deductible. Third, you can deduct property taxes up to $10,000, and with Prop 13 that’s a hard figure to go over. With current property tax rates you need a $2,500,000 purchase to get there. CAR seems much more worried about their commissions than your taxes.
Are you really middle class if you own a million dollar Home? For property owners of multiple homes and apartments, AKA the top 10%, it will increase their taxes. Isn’t that what the socialists want?
750k, Goetz. Not a mil. And that was a compromise from 500k. And just because it’s fun to label others socialists doesn’t make it so, you fascist ?
lol, atta boy.
Steve Knight voted *for* this and sends a generic response to any of his constituents who ask why he voted for it. He sold us out.