I want to thank the thousands of Californians who contacted my office to voice their opinions about tax reform. The biggest concerns I heard were about protecting a deduction for state and local taxes, the mortgage interest deduction, medial expense deduction, the student loan interest deduction, as well as the exclusion for graduate student tuition assistance.
Good news: Every single one of those provisions is protected in the final version of the tax reform bill.
Since day one, I’ve been fighting for these provisions that allow struggling California families to keep more of their hard-earned money. Combined with reducing tax rates for small businesses and doubling the standard deduction, the vast majority of Californians will see their taxes reduced and simplified while keeping more of their paychecks. Even the left-leaning Institute on Taxation and Economic Policy admitted in their analysis of the tax bill that 87 percent of Californians would see a tax cut in 2019.
The final version of the Tax Cuts and Jobs Act creates a competitive, pro-growth tax code that will empower a new generation of American innovation and prosperity. Click HERE to read the full summary of the tax bill signed into law this week. Click HERE to read the full bill text.
From the Orange County Register Editorial Board: "America’s complicated and onerous tax code has long needed an overhaul. Though far from perfect, the GOP tax reform proposal is an important step in the right direction." Click HERE to read the full op-ed from the Register.
This past week CBS This Morning asked an accountant how the Tax Cuts & Jobs Act will affect 3 families across America, including one family from California...
...All of them will pay less in taxes.
Click on the picture below to watch the video.