Carried Interest Among Items in President's Proposed Budget
After the President announced his budget plan last week including proposals to help pay for a $634 billion health care fund for the uninsured, NAHB Chairman Joe Robson issued a media statement highly critical of such proposals that affect the housing industry.
The proposals made by the Administration include an increase in taxes on carried interest that could affect the multifamily industry and a proposal to reduce the value of the mortgage interest and real estate tax deductions that will affect condominum owners and buyers.
“The proposed budget would... tax a ‘carried interest’ as ordinary income, which could significantly impact the multifamily and commercial real estate sectors at a time when they are already experiencing a severe downswing. At this critical point in the recession, we should be doing everything we can to stimulate demand in housing and avoid proposals that would reduce housing affordability and further destabilize prices."
NAHB will remain deeply engaged as the budget process moves forward and fight to strip out any provisions that will harm housing, and promote elements that will help small businesses and the housing sector.
For more information on the tax components in the budget, contact Greg Brown at 1-800-368-5242, x8421. For information on specific housing and spending programs, contact Jenna Hamilton at x8407.
Read the full media statement here.
Read the full article in NBN.
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