How to say ‘yes’ to a homebuyer: What you need to know
Real estate agents have been warning about the potential effects of Trump’s proposed tax cuts for years.
“The tax cuts will mean the loss of jobs, the loss the economy,” said Bill Bales, an agent at the Real Estate Board of Texas, which represents brokers.
The president has said the tax cuts would “pay for themselves” and could boost economic growth.
But the plan has also been criticized by Republican senators, who say the tax cut could cost millions of jobs and lead to job losses.
The nonpartisan Congressional Budget Office projects the tax overhaul will cost the federal government about $1.4 trillion over 10 years.
The tax cut is not expected to take effect until April 1.
It was unveiled by the president at a White House ceremony.
Trump’s first budget plan included an $8.5 trillion cut to the federal budget, which would include $7.8 trillion for a new, $1 trillion tax cut for businesses.
That would lead to a 2.4 percent economic growth rate, the CBO said.
The plan is expected to raise the federal debt ceiling by $4.5 billion, which Trump has vowed to use to get the tax plan passed.
Trump’s tax plan has been controversial since it was announced in June.
On Tuesday, Senate Democrats on the Senate Finance Committee said they had asked the administration to clarify how much money would be available to finance the plan and why the proposal did not include a revenue-neutral tax cut.
Republicans in the Senate have opposed a proposal from Sen. Tom Cotton, R-Ark., to extend a tax break for Americans with high incomes that expired in 2021.