Tax Cut Hit Overshadows Paybacks
Homeowners, now and in the future, are paying more federal income tax in order to help corporations pay less federal income tax, to the tune of $620 billion.
Homeowners, now and in the future, are paying more federal income tax in order to help corporations pay less federal income tax, to the tune of $620 billion.
A new report from the New York Federal Reserve sheds a little light on a question that’s been hanging over the American real estate market: Has the massive tax overhaul adopted by Congress in late 2017 had any effect on whether consumers want to buy or sell homes?
The tax bill has passed, home prices are up, the stock market keeps hitting all-time highs and consumer confidence has soared. On the other hand, we’ve been rattled by a year of unprecedented natural disasters, growing divisiveness and an ongoing inventory shortage. What will happen in 2018? Look for things to shake, rattle and roll!
Whether you already own a home or are thinking of purchasing, the new tax legislation pending before Congress poses serious questions: Am I going to get smacked with punitive new taxes?
The political jostling and frenetic lobbying on Capitol Hill over the Republican tax overhaul bill are producing unexpected developments that could prove important to homeowners, sellers and buyers.