Tax reform proposal will hurt California homeowners, C.A.R. says

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Sep 27, 2017, 15:20 ET

LOS ANGELES, Sept. 27, 2017 /PRNewswire-USNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) today issued the following statement in response to Republican leaders' tax reform plan announced today:

"The tax reform proposed by the Republican leadership will eliminate the incentive for people to buy homes, shrink the middle class, and raise taxes on hundreds of thousands of California homeowners," said C.A.R. President Geoff McIntosh. "The doubling of the standard deduction, coupled with the elimination of state and local tax deductions (such as property taxes) will adversely impact California and its housing market. The average California homebuyer could end up paying $3,000 more a year in taxes under today's proposal."

"Homeownership has and continues to be the best way for families to grow wealth and increase the middle class. Congress should look at ways to incentivize and increase homeownership rates, not increase taxes on families wanting to buy a home."

"Any change that would make homebuying less attractive will be detrimental to the housing industry and the nation's economy because of the 2.5 million private-sector jobs created by the industry in an average year," said McIntosh.

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.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS