I do not usually post anything politically related to this page – HOWEVER, the current tax reform proposal from the Senate right now hits most of your property-owning pockets REALLY hard. As an advocate for all my past, present and future clients, I want to be sure you 1) Understand HOW you will be impacted and 2) TAKE ACTION by contacting your Senator’s office IMMEDIATELY. It only takes a minute to call or email urging them to protect you.
That being said, PLEASE take a minute to read this Senate proposal summary from the National Association of Realtors: NAR Senate Tax Reform Proposal Break Down
I strongly encourage you to reach out to your local Senate office ASAP to voice your opinion. If you don’t know who your local Senator is or how to reach them, here’s where to find the information: 2017 Wisconsin State Senators
Not sure what to say when you reach out to them? Here’s some handy verbiage to copy and paste in an email:
Oppose the Tax Cuts and Jobs Act
Dear [Decision Maker],
As your constituent, I urge you to oppose the Tax Cuts and Jobs Act, tax reform legislation being considered in the United States Senate. This bill is a direct threat to consumers and homeowners. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted.
The legislation includes changes to the exemption on capital gains tax from the sale of a primary residence, elimination of the deduction for all state and local taxes, and elimination of the deduction for interest on home equity loans. In addition, the bill restricts the deduction for moving expenses to only active duty military, and also restricts the deduction for personal casualty losses to just Presidentially declared disasters. All this from a bill that is supposed to improve the current tax system.
Not only is this legislation a clear and present danger to American homeownership, it will cost our children and grandchildren $1.5 trillion in new federal debt.
Please reject this bill AND protect middle class homeowners. Do not turn America from a home-owning nation to a home-renting nation.
[City, State ZIP]