A signing ceremony for a significant bill is scheduled at the White House, which extends tax cuts from previous legislation and makes substantial cuts to Medicaid. House minority leader Hakeem Jeffries delivered a historic speech against the bill, denouncing its benefits primarily for the wealthy and projected deficit increase. The bill has been positively received by the real estate industry, which expects advantages such as lower tax rates and enhanced homeownership deductions. Provisions favoring the Low-Income Housing Tax Credit and increased child tax credits have also drawn support from advocates.
The vote came after House minority leader Hakeem Jeffries (D-N.Y.) broke the record for longest House speech in history at 8 hours and 44 minutes, charging the legislation with disproportionately benefiting the wealthy and adding trillions to the federal deficit.
The Congressional Budget Office (CBO) projects the bill will add $3.3 trillion to the deficit, demonstrating the significant financial burden this legislation may impose on future budgets.
The National Association of Realtors (NAR) released a statement highlighting potential benefits to housing from the bill, including lower tax rates on individuals and enhancements to mortgage interest deductions.
Real estate advocates support additional provisions to the Low-Income Housing Tax Credit (LIHTC) program and raised thresholds for estate and gift taxes, indicating widespread industry support.
Collection
[
|
...
]