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.
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When factoring in the series of expirations and long-delayed tax hikes incorporated in the tax bill, the package could end up costing $2.0 trillion to $2.2 trillion, meaning debt would rise to between 98 percent and 100 percent of GDP by 2027. axios.com/tax-bill-analy
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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.
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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.
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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.
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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.
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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.
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I've explained how this anti-growth bill will hurt our economy on the House floor:
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I’ve sat down with to explain how the #GOPTaxBill will raise taxes for Californians and add trillions of dollars to our already high national debt.
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