Republicans seek to pass pivotal legislation by July 4 that includes extensions of tax cuts from 2017 and substantial cuts to Medicaid. The National Association of Realtors has praised the bill for its real estate-oriented provisions, such as lower tax rates and enhancements to SALT and mortgage interest deductions. The legislation also affects the Low-Income Housing Tax Credit and increases the child tax credit. However, the bill faces opposition due to its projected $3.3 trillion increase in the deficit and divisions among Republicans regarding changes made in the Senate.
Republicans aim to finalize legislation by July 4 that extends tax cuts, deepens Medicaid cuts, and includes real estate-friendly provisions. NAR supports the bill's real estate benefits.
The proposed bill could add $3.3 trillion to the deficit, causing controversy among Congressional leaders. Some House Republicans express concerns over Senate changes to the legislation.
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