April 17, 2018 – Today is the day our taxes are due under the old tax law. Next year we’ll be filing under the new tax law pushed by Donald Trump and supported by Rep. Tom McClintock. The new law limits deductions for state and local taxes. That hurts Californians. McClintock voted for it. Worse, while punishing California, the new law benefits Texas and Florida. States that voted for Trump. A coincidence? Probably not.
The California Association of Realtors estimates that the doubling of the standard deduction, and the capping of the deductibility of property taxes, will cause home values to decline in California. The limit on deductibility of local property taxes is yet another subsidy for the “red” states in the South and Midwest by high-property-value “blue” states on the coasts.
The Trump/McClintock Tax plan also repeals the portion of the Affordable Care Act that mandates individuals obtain health insurance. The Congressional Budget Office estimates that one change alone will cause premiums to rise by 10% for everyone else.
The bottom line: Increased health insurance premiums for people in California’s 4th CD; and, at the same time, decreased home values for us, too. Trump and McClintock crow about “tax cuts” but they don’t tell you the rest of the story. Among other things cuts to individuals are temporary, while cuts for corporations are permanent. The loss of deductibles and the loss of property values are something else they don’t talk about. Makes you wonder why….
So, before you vote in June and again in November, think about the Trump/McClintock “Shift and Shaft” tax scheme. Who benefits from the shift? And who gets the shaft?
Help us retire Tom McClintock and replace him with someone who will look out for the best interests of the people here in the 4th CD.