Political Quotes

“You were laying out, Madam Leader, our Republican colleagues from California who seem to ignore or want to not even think about the State and local tax deduction, and also the mortgage interest deduction. Trying to find a house in California that is for less than $500,000 or $700,000 is virtually impossible. Certainly in the bay area, much of southern California, and in the Sacramento region, it is almost impossible. So by reducing that mortgage interest deduction, together with State and local taxes, you are seriously increasing the tax burden on homeowners and on working men and women in California. You laid it out so very well. In the district directly to my south-- Mr. Denham's district--101,000 of his constituents currently have a $7,982 average deduction for State and local taxes, and for the mortgage interest. They will lose that, and they will wind up paying somewhere between 25 to 30 percent on that lost deduction. So let's say 25 percent of $8,000 is what, $2,000? New taxes right there.”