REALTORS® are speaking out against a new federal tax reform proposal that would scale back several tax deductions available to taxpayers including limits on the mortgage interest deduction (MID), which benefits many middle- and lower-class homeowners.

“We are extremely disappointed with several of the provisions contained in U.S. House Ways and Means Chairman Dave Camp’s tax reform draft released today, namely proposed limits on the mortgage interest deduction and capital gains, and the repeal of deductions for state and local property taxes. These proposed changes to the taxation of real estate will impact every single American, either directly or indirectly,”  National Association of REALTORS® (NAR) President Steve Brown said in a statement.

Read his full statement as well as NAR coverage of the proposal, “Tax Reform Proposal Would Dramatically Alter Housing Landscape.