As Americans struggle to find affordable housing, tax changes in the Build Back Better Act would make the dream of homeownership more challenging by increasing insurance costs. A “Hurricane Tax” tucked into the Act introduces a higher global minimum tax rate, resulting in increased costs to the homeowners and mortgage insurance often required for new homebuyers. This tax proposal could increase premiums by hundreds of dollars or more every year for American families and small businesses. If insurance premiu
Americans need tax relief, not rate hikes. The proposed Hurricane Tax will only make it more challenging for homeowners, renters, and businesses to afford necessary insurance coverage.
Congress must act and eliminate the Hurricane Tax in the new tax proposal. The last thing families need are more unnecessary barriers and burdens to homeownership.