U.S. home builders urge Obama, Boehner to avoid fiscal cliff

TRD NEW YORK /
Dec.December 17, 2012 03:30 PM

Major U.S. home builders are urging President Barack Obama and House Speaker John Boehner to avoid the fiscal cliff even if it means adjusting tax rates, the Wall Street Journal reported. In a letter addressed to the two elected officials, CEOs of such companies as Toll Brothers and Hovnanian Enterprises voiced concerns that allowing the steep package of budget cuts and tax increases to take effect could shove the country back into a recession.

“We support a comprehensive agreement in Washington to avoid the fiscal cliff that includes revenue increases (including tax rate adjustments) together with meaningful entitlement reforms,” the letter reads. “We believe that taking ‘no action’ or failing to reach an agreement will shake the confidence of American consumers and businesses alike, and may derail the beginning of economic recovery.”

Home builders tend to lean Republican – a party not known for embracing tax hikes, the Journal noted. The letter did not mention the mortgage-interest deduction, the newspaper said. [WSJ]Zachary Kussin


Related Articles

arrow_forward_ios
Doug Yearley of Toll Brothers and 2686 Broadway (Credit: Google Maps and Toll Brothers)

Who’s still filing permit applications? Toll Brothers, for one

Hovnanian Enterprises CEO Ara Hovnanian and 292-294 West 4th Street

Big names, big properties, big price: $26M for Village homes

Toll Brothers CEO Doug Yearley and 77 Charlton (Credit: iStock)

Toll’s profits plunge 20% amid housing slowdown

Douglas Yearley of Toll Brothers

Homebuilder Toll Brothers looks to higher-earning millennials amid down Q3 results

Prime Minister Mette Fredriksen and President Donald Trump (Credit: Getty Images and iStock)

Well, that escalated fast: A timeline of Trump’s Greenland adventure

2686-2690 Broadway, Hank Fried of Branic International Realty (left), and Doug Yearley of Toll Brothers (Credit: Google Maps, Getty Images, and Toll Brothers)

Toll Brothers buys controversial Marrakech Hotel site for $44M

Toll Brothers' David Von Spreckelsen and 1110 Park Avenue penthouse

Toll sells penthouse at 1110 Park for $17.25M — a 50% discount

Toll Brother's David Von Spreckelsen

Watch: A sneak peak of Toll’s 121 East 22nd

arrow_forward_ios
Loading...