Congress has an opportunity to recognize the unique importance of the home in American life, boost the economy, and help families rebuild their wealth by providing a tax credit to make home improvements more affordable.
In addition to the many personal tragedies caused by COVID-19, the resulting economic devastation has, so far, shrunk GDP by 5% in the first quarter and wiped out every job gained since the great financial crisis. Damage this far-reaching threatens everyone – businesses, independent contractors, workers, and the 65.1% of American households that own homes.
Encouraging home improvements would also help to correct long-term underinvestment in the very places where Americans spend most of their time. It has been estimated that 40% of America's homes are at least 50 years old. Meanwhile, in inflation adjusted terms total homeowner improvement expenditures in 2017 were still down nearly $28 billion from a decade earlier.
This is particularly relevant for millennials, who, after taking a long road to home ownership, are now eager to maximize the value of their new homes.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
As the coronavirus surges in Oklahoma, rising fears of outbreaks in nursing homesOklahoma allowed nursing homes to reopen to visitors this week, raising alarms among some long-term care leaders and advocates.
Read more »
Australian state reinstates restrictions after spike in coronavirus casesAustralia's second most populous state announced on Saturday it will reinstate tighter restrictions on home and public gatherings after logging a double digit rise in coronavirus cases for a fourth straight day.
Read more »
Fergus Walsh: At last some good news about coronavirusHow the biggest trial in the world found life-saving coronavirus drug dexamethasone in record time.
Read more »
Twitter Users Give Trump's Tulsa Rally Another Name: 'Coronapalooza'The coronavirus-related hashtag inspired some sick burns against the president.
Read more »
Can you have a safe family visit this Father’s Day? A doctor offers adviceShould you hug your dad on Father’s Day? Here’s what this doctor thinks.
Read more »