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National Association of Home Builders slams Trump tax reform plan

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The National Association of Home Builders (NAHB) gave a thumbs-down response to President Trump’s tax reform proposal this week. That’s because tax credits for mortgage interest and state property taxes are not a part of the bill, Curbed reported. The organization warned that removing these established incentives for buying a home would be harmful to the housing market. NAHB chairman Granger MacDonald called the plan “particularly disappointing” and said it would “severely diminish the effectiveness of the mortgage interest deduction.” President Trump’s plan would double the standard deduction, and the expectation is that more people would choose this route over itemized deductions such as the mortgage interest deduction. [Curbed]