Republicans are once again set to pass a bill that will add $1.5 trillion to our national debt, which already equals 77% of our economy.
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The long-term cost of the bill will exceed the size of the economy by 2028.https://twitter.com/BudgetHawks/status/943176101118873600 …
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Republicans still argue these tax cuts will generate enough economic growth to be self-financing, but we know tax cuts don't pay for themselves.http://www.crfb.org/papers/tax-cuts-dont-pay-themselves …
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The cost of high debt levels are decreased budget flexibility, less private investment, higher interest rates, and slower wage growth.
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California is among the hardest hit by this bill, especially with changes to the state and local tax deduction and mortgage interest deductions.http://www.latimes.com/politics/la-pol-ca-tax-bill-qa-20171219-htmlstory.html …
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The bill caps the state and local tax (SALT) deduction at $10,000 but the average California household has a deduction of $18,400.pic.twitter.com/1asSGCz3QH
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It also caps mortgage interest deductions of to $750,000. This year, 8.2% of new mortgage loans in San Diego were more than the proposed cap.pic.twitter.com/1uTsZdetiv
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And after CA just experienced some of the worst wildfires in recent history, the bill eliminates deductions for personal losses from wildfires.http://www.latimes.com/politics/la-pol-sac-skelton-republican-tax-bill-wildfires-20171218-story.html …
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I've explained how this anti-growth bill will hurt our economy on the House floor:https://www.youtube.com/watch?v=bvQ494E4rNI&t=2s …
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I’ve sat down with
@KUSINews to explain how the#GOPTaxBill will raise taxes for Californians and add trillions of dollars to our already high national debt.https://www.youtube.com/watch?v=L0lVqChedx4&index=1&list=PLuv0hBsxpbp6KEdmhudHHlFqv7gfgLe4y …Show this thread
End of conversation
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Apparently our Utah senators and representatives are okay with this.
#utpol@senorrinhatch@OrrinHatch@SenMikeLee@RepMiaLove@RepJohnCurtis so much for#CTR folks...or am I misunderstanding the “R” for ‘right’?
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