Trump’s tax plan may not include $1 trillion in relief for renters, renters say
The president has not yet released his full plan for a tax cut that would eliminate all federal tax expenditures and provide $1.4 trillion in tax relief for families and individuals, according to the National Council of Realtors.
However, the council says it believes the plan could include a $1,000 tax credit for landlords.
The council’s chief economist, Jonathan Zittrain, says the plan should include a reduction in capital gains taxes.
It would also be easier for landlords to pass on the cost of their homes to tenants.
“A lot of these things could be done with a reduction of capital gains, which is what they have said they’re going to do,” Zittraining told reporters at the White House.
“That could be something that we could work on.
And then maybe they’ll be able to add that $1 billion of tax relief.”
Zittrained said it would be “really hard” to get a complete tax plan that included the capital gains tax reduction.
The Trump administration has been touting the plan as a “middle class tax cut.”
However, critics say it’s not going to address housing affordability, particularly for low-income renters.
The president’s plan is set to be released in the coming weeks, but it will be more difficult to enact it in the next few months because of the budget crisis.