Panetta doesn’t dig tax bill

I voted against this tax bill because it would have a negative impact on too many families on the central coast of California and our nation. The bill lowers taxes for the wealthy, while raising taxes on many working and middle-class families. The bill would leave millions without health insurance or with increased premiums. It sets the stage for massive cuts to critical services and entitlements to my constituents and support for our communities. It will add $1.5 trillion to the national debt.
Most disconcerting, the bill caps the state and local tax deduction at $10,000, far below the average $23,000 deduction claimed by over 177,000 households in California’s 20th Congressional District each year. The plan also reduces the limit on the mortgage interest deduction, which will have a detrimental impact on high-cost housing markets in our district.
I believe that we need bipartisan tax reform crafted through an evidenced-based process, with deliberative hearings and input from a wide range of experts. Instead, we were presented today with a partisan bill that was rushed through Congress without sufficient vetting. As a result, we were left with a bill that will not meet the needs of Central Coast middle-class and low-income families, and will only exacerbate the challenges that they and our nation currently face.
Jimmy Panetta
D-California