The Republican Party of Virginia is hosting an event for young adults who are looking to put their newfound tax savings to use in the housing market.
“Did tax reform save you some money? Want to use those extra savings to invest in property?” the state party asks. Those answering “yes” can learn from Bill Burnett, president of the Virginia Association of Mortgage Brokers, who will walk attendees through the steps of buying a first home at a breakfast to take place on Saturday, July 21.
The Republican Party of Virginia calls the workshop an opportunity “to help young professionals and families in the [Northern Virginia] area learn the ins-and-outs of buying their first home.”
According to statistics from the RNC, the median income for millennials is $40,456. With this in mind, millennials will see a 3 percent income tax decrease on average, resulting in a savings of more than $1,200 per year. Additionally, wages for millennials aged 20 to 34 have increased by an average of $23.50 in 2017, compared to a $15 increase in 2016. With economic prosperity comes the opportunity for young people to take those milestone steps such as owning a home.
“This is great opportunity for young renters to see what it actually takes to buy their first property, and they may find out they’re closer to owning a home than they think!” reads an EventBrite event description.
President Trump’s tax cuts have been heralded as “historic” as numerous employers including Boeing, AT&T, FedEx, CVS, and others have either raised wages, offered bonuses to their employees, or both.
“At last, our country finally has a tax system that is pro-job, pro-worker, pro-family, and pro-American,” Trump said at an event marking the six-month anniversary of the Tax Cuts and Jobs Act.
#MAGA ?????? https://t.co/Anvvp4brzA
— Virginia GOP (RPV) (@VA_GOP) July 2, 2018
“The typical family of four earning $75,000 will see an income tax cut of more than $2,000, and in some cases much more, slashing their tax bill in half,” Trump said at the six-month event.
Now those positively impacted by Trump’s tax cuts can get advice from the Virginia GOP on what to do with that money.
