WASHINGTON, D.C, October 12, 2017 (WICHITAKSREALTY.NEWS)
With its mission to reduce and even remove what they claim as “corporate welfare” from the federal tax code, Koch backed Freedom Partners Chamber of Commerce has announced an ad campaign backing tax reform measures in the administration’s current proposal. The move pits the Freedom Partners Chamber of Commerce against the National Association of Realtors (NAR), who believes that the proposed increase in the standard deduction will reduce the value of the home mortgage deduction and have a negative effect on home purchases and ownership.
The National Association of Realtors opposes the current tax proposal due to how the increase in the standard deduction would reduce the number of homeowners that would benefit from the home mortgage deduction. This, in turn they say, would have a negative effect on housing prices. Current data suggests that roughly only 20 percent of homeowners are in a position to take advantage of the home mortgage deduction. The NAR has consistently announced that this deduction is a large incentive which facilitates home ownership.
The White House has claimed their tax plan would simplify the current tax code and make it easier for many Americans to file their taxes through the increase of the standard deduction and the elimination of itemized state and local taxes.
In their current ad campaign, The Freedom Partners Chamber of Commerce doesn’t agree or disagree nor offer any empirical evidence against the claims made by the NAR; only that special interests are standing in the way of tax reform and that special interest influence needs to be removed from the tax code. The ad campaign will be focused on the Washington area, so those outside the beltway won’t be seeing the ad on television.
The Freedom Partners press release and ad can be viewed here.