Published: December 2017

Republican tax bill will cost low-to-moderate income taxpayers

Consumer Action and a number of other public interest groups have been active in opposing the Republican tax bill due to its negative impact on low-to-moderate income consumers, particularly homeowners, those looking to become homeowners and those seeking affordable rental housing. The tax bill also undermines community and economic development.

Consumer Action and a variety of other public interest organizations have been active in opposing recent efforts by the Republicans in Congress to pass tax legislation that would have a detrimental impact on low-to-moderate income consumers. The groups wrote a letter urging the House not to pass HR 1 (which was, unfortunately, passed by both House and Senate in Dec. 2017). The groups pointed out that the bill would undermine tax incentives for low- and moderate-income families to become homeowners and repeal several tax credits and subsidies in the federal tax code that help finance affordable rental housing and other community and economic development projects in underserved communities. As it stood, the bill would repeal the New Markets Tax Credit, Historic Tax Credit and the tax exemption for Private Activity Bonds. It would also end the deduction for state and local income and sales taxes and cap the deduction for state and local property taxes at $10,000. These changes would make it difficult for state budgets and for states to raise sufficient revenue to fund public services and improvements to roads, bridges and other public infrastructure.

Lead Organization

National Community Reinvestment Coalition

Other Organizations

1951 | Affordable Homeownership Foundation Inc. | Community Housing Fund | Consumer Action | Financial Justice Coalition | Friends of the African Union | Global Network CDC | Housing Coalition Educators | The Institute of Minority Economic Development | National Association of American Veterans, Inc. | National Housing Counseling Agency | National Housing Institute | Universal Housing Solutions CDC | Urban Coalition of Appraisal Professionals | Woodstock Institute | Working In Neighborhoods | (For a full list of organizations, including state organizations, please click for more information below.)

More Information

Click here for more information.

Download PDF

Republican tax bill will cost low-to-moderate income taxpayers   (HR1TaxBillLetter2.pdf)

 

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