The National Association of Home Builders has come out against a Republican plan to overhaul taxes, making it the first major business group to openly oppose the effort.

NAHB issued a statement Monday saying the plan would "hurt millions of hard-working American families and marginalize homeownership." In an interview with the Washington Post, association CEO Jerry Howard said his group is preparing to launch a nationwide campaign against it.

"Lawmakers missed a golden opportunity to give the American people a tax reform package that would boost middle-class families and promote greater housing opportunity for Americans across the economic spectrum," Granger MacDonald, chairman of NAHB's board of directors, said in a statement.

NAHB could be the first crack in a larger split among business groups about whether to back the GOP effort. Like many associations, NAHB supports overall efforts to reduce taxes but has concerns about changes Republican lawmakers are suggesting to offset the resulting loss of tax revenue.

Sensing division, U.S. Chamber of Commerce Tom Donohue issued a statement Monday urging the business community not to let concerns about individual provisions derail overall tax reform.

"Even as we push for our goals, we must keep in mind that no one gets everything he or she wants out of a bill of this magnitude," Donohue said. http://uscham.com/2yXUqaN

GOP leaders also are making concessions to win over NAHB and critics in their own party. The tax plan's main architect—U.S. House and Ways Committee Chairman Kevin Brady (R-Texas)—issued a statement Saturday saying the party was dropping plans to eliminate a federal income tax deduction for property taxes. https://bloom.bg/2zjqB5d

However, GOP leaders are still proposing reducing the number of households that could qualify for the mortgage interest deduction. MacDonald said NAHB tried to reach a deal with Republican leaders to include a homeowner tax credit that would offset the loss of existing tax breaks, but no compromise was reached.

"This tax blueprint will harm home values, act as a tax on existing home owners and force many younger, aspiring home buyers out of the market," he said. http://bit.ly/2yY5Bhn

NAHB is not alone in its concerns. The National Association of Realtors has expressed similar worries about the loss of homeowner tax breaks in the past but so far has not said definitively whether it supports or opposes the overall GOP plan.

At the same time, several financial industry groups have come out against a proposal to reduce the amount of pre-tax savings people could put into their 401(k) accounts. Financial Services Roundtable and the American Retirement Association were among the many businesses and associations that formed the Save Our Savings coalition in April to oppose the measure.

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