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November 16th, 2017
WASHINGTON, D.C— Congresswoman Anna Eshoo (D-CA) released a statement after voting against the House Republican tax plan:
“The Republican tax bill that passed the House today is an assault on the middle class and it will do lasting damage to our country. The bill is a dishonest ‘bait and switch’ for the 36 million middle class families who will see their taxes increase under this plan to pay for tax cuts for the wealthiest 1% of Americans and multinational companies. It is paid for by eliminating the few remaining benefits in the tax code for the middle-class and adding $1.7 trillion to the national debt, leaving it to our children and grandchildren to pay for.
“Most importantly for my constituents, this bill bulldozes the state and local tax (SALT) deduction. Almost 200,000 of my constituents claimed an average state and local tax deduction of $31,193 in 2015. In fact, the Institute on Taxation and Economic Policy found that California stands to be the biggest overall loser in this plan and faces a $12.1 billion tax increase in 2027 alone. Scaling back the SALT deduction will raise taxes for the middle class, and will cause state and local governments to reduce public services that make life better for everyone.
“The bill also takes aim at the most valuable asset of the middle class: their home. It limits the mortgage interest deduction used by homeowners to $500,000 worth of mortgage debt, and eliminates the deduction for personal property losses resulting from natural disasters. Californians just experienced the worst wildfires in our state’s history with over 14,000 homes lost or damaged at a cost of at least $3 billion. Abandoning these families, I find to be especially cruel.
“It takes direct aim at college students across the country, raising the future cost of higher education by $65 billion over 10 years by eliminating the deductibility of interest on student loans. It also taxes employer tuition assistance benefits for students and tuition waivers for graduate students by treating them as income, making it more expensive for future scientists, medical professionals, educators, and other leaders to get an education.
“This bill is unfair, unbalanced, and fiscally irresponsible and it dims the future of our country by attacking the middle class, diminishing educational opportunities for students, and hurting older Americans.”
Eshoo’s Floor remarks on the House GOP Tax Plan can be found here- https://www.youtube.com/watch?v=qDAD0nRJx2g&feature=youtu.be
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