The existing version of the tax reform bill promises to lower taxes for the middle class and promote growth, however restricting the mortgage interest deduction and repealing deductions for state and local taxes would strip away crucial tax incentives for existing and prospective homeowners.
The bill would also lower the value of all homes, further preventing economic growth. This bill is a major departure from the core value of home ownership that is a staple of American tradition.
While I am an advocate for lower taxes, it is alarming that the federal government is taking initiatives that would make owning a home unfavorable. We must remember that home ownership forms the bedrock of successful communities.
I believe that it is now more important than ever for the great state of Texas to embrace property tax reform and make it of the utmost priority for the next legislature section to ensure that Texas continues to champion the American Dream.