Political Quotes

“I appreciate the gentleman's hard work on this. This is the largest transfer of wealth in American history with the tax bill of the Republicans. They kept the tax break for corporations and they are hitting middle class families in my district. Four in ten average about $15,000 a year. But one of the things we haven't talked about is the hit to home values. Madam Speaker, I include in the Record an article by Allan Sloan in Fortune magazine that talks about Trump's trillion dollar hit to homeowners. Trump's Trillion-Dollar Hit to Homeowners By reducing deductions for real estate taxes, Trump's 2017 tax plan has harmed millions--and helped give corporations a $680 billion gift. (by Allan Sloan) In recent weeks, President Donald Trump has been talking about plans for, as he put it, a ``very substantial tax cut for middle income folks who work so hard.'' But before Congress embarks on a new tax measure, people should consider one of the largely unexamined effects of the last tax bill, which Trump promised would help the middle class: Would you believe it has inflicted a trillion dollars of damage on homeowners--many of them middle class--throughout the country? That massive number is the reduction in home values caused by the 2017 tax law that capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions. The impact varies widely across different areas.…”