Realtors Go on Offensive Against GOP Tax Reform

The Real Estate lobby wasted no time going on its next offensive against Republicans' new tax reform legislation, launching an ad campaign to preserve mortgage interest and property tax deductions, The Wall Street Journal reported.

Realtors groups launched an ad campaign aimed at Republican lawmakers whose fingerprints are on the legislation, with this message:

"Don't let tax reform become a tax increase for middle class homeowners."

Congressional taxwriters have targeted the deductions as a means to offset the costs of other sweeping tax cuts, but the real estate lobby spent around $11 million in the third quarter alone in efforts to preserve the deductions.

"With the narrow margin of Republican control of the Senate, a group like that may have an awful lot of leverage to shape what happens on taxes," Jim Gould, an independent tax consultant and a lobbyist, told the Journal.

Republicans unveiled their tax legislation Thursday.

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