Tax cuts and tax code overhaul; who stands to gain and who stand - KUSI News - San Diego, CA

Tax cuts and tax code overhaul; who stands to gain and who stands to lose

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Representative Susan Davis Representative Susan Davis

SAN DIEGO (KUSI) — Congressional Republicans have unveiled their separate proposals for tax reform and on Friday, Representative Susan Davis held a news conference in Balboa Park, outlining her reasons for opposing the GOP tax plans.

The Democratic lawmaker who represents San Diego's 53rd Congressional District was flanked by some of her constituents as well as experts from different fields. Ann Throckmorton with the National Association of Realtors said that any proposal that takes money out of the pockets of San Diegans will affect their chances of owning a home.

"There are so many aspects of this tax bill; they all affect the ability of San Diegans and Californians to purchase and to be able to afford their homes," Throckmorton said.

Lemon Grove resident Angela De Joseph said she was worried that the GOP plan would result in deep cuts to Medicaid. De Joseph said she and other families in her community have been the beneficiaries of a more robust Medicaid system.

"Medicaid allows people of low income, and also people who are students and people who work part-time- there's a lot of people who are benefiting from the Medicaid expansion," she said.

Under both the House and the Senate bills proposed by Republican lawmakers, the tax rate for corporations would plunge from 35 percent to 20 percent.

The House version would reduce individual tax brackets from seven to four. Both bills would limit or repeal certain individual deductions. One of the changes that might have a serious impact on Californians is the proposal to eliminate state, local and property taxes as tax deductions.

Davis also criticized the bills for giving too many breaks to corporate America.

"All the simplification and the new tax credits that the President has been talking about on the news just won't last for people, because they will expire after five years, and all the tax cuts for corporations-well, they're permanent.," Davis said.

The CEO and President of the San Diego County Taxpayers Association said he strongly supports any effort to simplify the tax system. He expressed concerns that the package of tax cuts will add as much as $1.5 trillion to the national debt.

"Tax reform needs to pencil out," said Haney Hong, "because if it doesn't, then we're just taking all the stuff that we do and putting it on the backs of our children. It's essentially taking a loan on the future." 

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