Washington, D.C. – The United States House of Representatives voted 224-201 to pass the final version of the Tax Cuts and Jobs Act. Amongst broad unpopularity, the Tax Cuts and Jobs Act will add more than one trillion dollars to the federal deficit by cutting taxes on corporations and capping the State and Local Tax (SALT) deduction at $10,000. Assemblymember Chris R. Holden (AD-41), Chair of the California Legislative Black Caucus released the following statement:
“The tax bill that passed today is a Christmas gift to the top 1%. It’s no tax break for the middle class and poor, it is simply a rushed Frankenstein of a bill that only helps the rich get richer. Is this what makes America great again?
The California Legislature made much progress this year in passing a housing package that provided funding, relief, and resources to many in need of a home in this great state. The Trump Tax Plan runs contrary to this progress and will further exacerbate the affordable housing crisis in California. Californians are hit hardest by the caps on the mortgage interest deduction and the State and Local Tax Deduction.
This debacle of a tax reform bill strips away many of the essential safety nets that the low and middle class depend on including Pell grants, Medicaid, food stamps, rental assistance, and child care assistance. African Americans have the most to lose as America plummets into a racial and economic apartheid country as a result of this bill.
Passage of this bill is a sad day in America!”