This morning at the Cliff Dwellers Club on Michigan Ave, the Chicago Association of REALTORS®’ Government Affairs invited former Illinois Governor Patrick Quinn, Jr. and Senior Policy Representative from the National Association of REALTORS® Evan Liddiard to present on the expanding impact of the Federal Tax Reform and its ramifications on property owners in Chicago.
Quinn spoke of the power and influence of referendums, particularly how they could and should be used to establish a term limit for mayors in Chicago. The ten largest cities, the exception being Chicago, all have term limits for the mayor.
“Term limits go back to the beginning of our country,” Quinn said, in reference to founding father George Washington’s advocacy for limiting his presidency to two terms. He sees term limitation as a way of ensuring every office holder in the country is a trustee of the people. “Term limits are a way for the voters to set the rules for the people in power,” Quinn added.
He encouraged all those attending the meeting and all REALTORS® to go to TakeChargeChicago.org and sign the petition and vote to limit the Chicago mayoral office to two terms. “Realtors know people, and we need your help,” Quinn said.
After the former mayor finished, Evan Liddiard spoke about the impact of Federal Tax Reform on Chicago property owners. He foresees guaranteed changes in 2017 and hopes a flat tax policy can be avoided since it generally is not beneficial to homeowners for its negative impact on home values.
Liddiard outlined three proposed plans for the Mortgage Interest Deduction (MID), as well. The Dave Camp Plan states that itemizing has no change in MID. The Ron Wyden plan does not touch MID, and the House Republican plan is very similar to the Camp Plan. Mortgage Interest Deduction is
important for incentivizing owning versus renting, and all three proposed plans raise standard deduction.
Liddiard also noted that he views 1031 exchanges as the most vulnerable of all real estate benefits; the NAR is mobilizing to fight to keep the 1031 in the coming seasons.