On Thursday, September 21, 2017 members from the Fredericksburg Area Association of Realtors® and the Prince William Association of Realtors® met with U.S. Congressman Rob Wittman to discuss flood insurance, tax reform, and infrastructure investment. Congressman Wittman voted against the most recent extension of the National Flood Insurance Program due to his long-standing opposition to continuing resolutions, which maintain the status quo and allow for no growth or changes in military spending. The flood insurance reauthorization was tied to a Continuing Resolution to fund the government which also included an increase in the debt ceiling but no discourse on how to tackle that issue. Congressman Wittman says he understands the importance of a functioning flood insurance program, but that there will definitely be upward pressure on the cost of premiums considering the massive sums of money that will need to be paid out due to Hurricanes Harvey, Irma and now Maria.
Congressman Wittman also spoke at length about tax reform and how critical it is the we simplify the U.S. tax code to make it easier for individuals to understand and more attractive for businesses. He said that big companies pay almost nothing, while small businesses often pay the individual rates that are north of 30%. He wants to see the profits of U.S. companies that are currently stranded abroad, come back to the U.S. under a much lower tax structure and see that money dedicated to infrastructure. He believes that when we see a tax reform bill, it will protect Mortgage Interest Deduction, the charitable giving deduction, and the dependent deduction. NAR is closely watching anything having to do with tax reform and advocating for preservation of the Mortgage Interest Deduction.