Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, has issued a statement on the House passage of The Tax Cuts and Jobs Act.
“The Tax Cuts and Jobs Act is a bad deal for hard-working American families. It provides a windfall to major corporations paid for in large part by millions of working class home owners, who will see their housing tax incentives diminished. The bill effectively renders mortgage interest and property tax deductions unusable for middle class home buyers and home owners. By threatening the value of the largest asset held by most Americans, these changes will hurt the middle class by lowering household wealth.
“The House bill also diminishes the effectiveness of the Low-Income Housing Tax Credit (LIHTC), which is essential to spur the production and rehabilitation of affordable rental housing. With the nation already in the midst of an affordability crisis, undermining the LIHTC will deal a blow to keep housing affordable and available for those citizens who are most in need. And the bill will make it more difficult for small businesses to compete and thrive because it disproportionately benefits corporations.
“Given the shortfalls in the House tax reform bill, NAHB will look to the Senate to craft a better package that meets the needs of middle class families and the small business community.”