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The Riggs Report: The Riggs Report: Denham says tax bill doesn't hurt Calif.http://www.kcra.com/article/the-riggs-report-denham-says-tax-bill-doesnt-hurt-calif/13786598
Central Valley constituents of Congressman Jeff Denham were faced with a blunt message when they opened the Modesto newspaper on Tuesday.
“Tax reform shouldn’t hurt Californians, but the House of Representatives proposal does, in a big way,” read the full-page newspaper ad posted by the California Association of Realtors. “How could any member of the California congressional delegation think this plan is good for the Golden State?” Denham, one of seven California congressional Republicans who are being targeted for defeat by the Democrats next year, isn’t fazed. “This is one of those signature items that gives tax relief,” Denham told me from his Washington D.C. office. “But it’s also a promise that we made to grow the economy. A lot of existing growth is in anticipation that we would pass this.” ... Denham said more work is needed on the bill, but rejects criticism that it hurts California taxpayers by eliminating the state and local tax deduction, which is used by one in three taxpayers. In his district, Denham said 70 percent of taxpayers use the standard deduction, which will double under the bill. Another huge point of conflict, one emphasized by the realtors group, is the proposal to limit mortgage interest deductions to $500,000. Denham said nearly all of the homes in his district are protected, since most mortgage are valued at under $625,000 or are already paid off. ... Read more here |