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October 4, 2017      4:38 PM

Updated: Realtors study shows 95% of Texas homeowners to pay more under GOP tax blueprint

Study says tax blueprint would cost state economy $3.4 billion; “Lawmakers should protect the state and local property tax deductions currently in place,” TAR Chair says. Chair Brady has said the blueprint is a work in progress

Editor’s note: This story has been updated to include the reaction of Ways and Means Chairman Kevin Brady – SB

As Congressional Republicans get down to work on the details of their rewrite of the federal tax code, the powerful Texas Association of Realtors on Wednesday unveiled a study showing the vast majority of homeowners in this state would pay more if the current proposals are passed into law.

Shortly after the release of the report, Ways and Means Committee Chairman Kevin Brady, R-The Woodlands, was quick to note that the report from the realtors “makes several policy assumptions about decisions our Committee is still working through as we draft tax reform legislation.”

The numbers released by the realtors also showed the plan would cost Texas more than 22,000 jobs and $3.4 billion in economic activity, “largely due to the asymmetric distribution of tax relief across income brackets.”

“The Blueprint only represents tax relief to only 5% of Texas households,” according to the study released to Quorum Report.

By Scott Braddock

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