The National Association of Realtors (NAR) recently commented on President Trump's Tax Proposal stating that it would "hurt home-ownership". As we all know the current tax code is like a long confusing book that most people will never understand. So, in the spirit of our president's (whether you like it or not he is) effort to make the taxes easier for everyone I will keep this just as simple.
The proposed plan looks to cut the current seven brackets into just 4, and that's just the beginning. Any single person earning less than $25,000/year or couple earning less than $50,000/year won't owe any taxes at all. The other big change being that no business of any size will pay more than 15% of their business income taxes. Oh and no one I repeat, no one, pays more than 25% in income taxes. Not bad huh? So far seems like a win-win across the board. I mean those slick capitalists who've already mastered the scheme of working off the books and keeping their taxable income low will get to keep all their money! Oh and the business you're working for will now have some more scratch too. Maybe you can get ready to ask for that raise! What are these NAR guys and gals worried about? The answer: It's all about who's on first...
The NAR is worried about first time home-buyers. As they see it the proposed plan puts state and local tax incentives which help make home-ownership more affordable at risk. the NAR knows that first time homebuyers pump a great deal of money into the real estate market and they are afraid of seeing a reduction. Think about it, most first timers don't know what the hell they are afraid of seeing a reduction. Think about it, most first timers don't what the hell they are getting themselves into. They've spoken to the money changeers and got the green light, so now they want to buy! Meanwhile they don't care or realize that they really can't afford this place or that the proeprty value will most likely decrease by the time they want to move. This is the real problem, lack of information!
Unfortunately, we live in a world where Real Estate Agents are comparable to car mechanics. It's hard to find an honest one. If there were more honest agents out there who prided themselves on providing a service that creates trusting relationships instead of a bunch of money hungry sharks offering their "HELP", incentives would not be necessary in the first place. Most people in the middle and lower class have no problem working; it's the unfair wages and government sticking their hands in your pcket every chance they get that creates the tax cheats and wolves in sheep's clothing.
Sure we'll provide you with all these "incentives" to buy your home. This will create a sense of comfort as the high of saving money overcomes you, but what about the monstrous property taxes you knew nothing about, or the internal problems in the home your realtor "forgot" to tell you about? These are the things firt time homebuyers depend on their agent to school them on. What's the use of owning a home when your future encompasses a short road to bankruptcy?
I get where the NAR is coming from and their stance has some valid points, but putting more Americans hard earned money back into their pockets and allowing the opportunity for American business' to flourish again TRIMPS any incentive provided to first time home buyers. Long sotry short; get the money flowing and change the culture, then these "incentives" will become unnecessary. We have been trained to be dependent on your government for our own success when we should be looking at ourselves for that. If you are looking for an honest agency to help you find or sell your home or you want to work with a bunch of people who get the job done without sacrificing their integrity, call New York Real Estate Experts right now. As you can see we put the REAL in real estate.