by Joel Carson
Utah homes for sale are beginning to move. The market is leveling out and the future of the housing market is looking a little brighter. Homeowners and would-be homeowners enjoy some tax advantages that help soften the blow of a hard-hitting economic downturn. The National Association of Realtors® is afraid President Obama’s recent budget proposal could change all of that.
NAR® President Moe Veissi said President Obama’s budget threatens the mortgage interest tax credit and other home-related tax breaks. On Feb. 13 Veissi said, “NAR firmly believes that the mortgage interest deduction is vital to the stability of the American housing market and economy. We urge the President and Congress to do no harm.”
Veissi’s concern is the housing industry’s recovery will be impeded by higher taxes resulting from the elimination of tax benefits for homeowners and potential buyers of Utah homes for sale and those throughout the entire country. He said, “The nation’s homeowners already pay 80 to 90 percent of U.S. federal income taxes. Raising taxes on them, now or in the future, could critically erode home values at all price levels. This would destroy middle-class wealth accumulation and trillions of dollars in home values nationwide.”
NAR opposed the elimination of capital gains treatment for carried interest of a real estate property investment saying the measure “ . . . could disrupt the conventional business model and places an unfair tax burden on general partners – ultimately this would negatively impact commercial real estate investment.”
The national budgeting process might be complicated, but the process of buying Utah homes for sale isn’t! Browse our many Utah listings from wherever you and your computer happen to be!
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