Congress Proposes Personal Tax Reforms

As Congress tries to pass impactful legislation, they have given up on the process of reforming the corporate tax code and have begun proposing personal tax reforms instead. This easy win for Congress has major implications, however. Their current proposal instates the removal of local and state tax write offs and lays out a doubling of deductions. This would cause a problem with the housing market and charities as mortgages and charitable donations are the most used tax write offs. This tax reform consequently would reduce the number of homes sold in the United States. Real estate agents remember the housing market crash of 2008, though it seems Congress has forgotten.