HomeMy WebLinkAboutHR 1 (Oppose)CITY OF
DIAMOND BAR
C A L I BAR R N 1 A
November 15, 2017
Congressman Edward Royce, 39th District
2310 Rayburn House Office Building
Washington, DC 20515
Transmittal by Fax to: 202.226.0335
RE: H.R. 1 The Tax Cuts and Jobs Act - OPPOSE
Dear Honorable Congressman Royce:
I urge you to oppose H.R. 1 - The Tax Cuts and Jobs Act, as it will have the opposite effect in
California, negatively impacting the community and many Diamond Bar residents. The League
of California Cities, National League of Cities, as well as other local and statewide economic
development leaders have voiced concerns of potential impacts to Californians by H.R. 1,
including the following:
• Reduction of the Mortgage Interest Deduction to $500,000 for new home buyers would
negatively impact the delicate housing market and discourage home ownership in higher
priced communities throughout California.
• Capping the State and Local Tax (SALT) deductions at $10,000 would lead to double taxation
for many Diamond Bar homeowners as the average SALT Deduction in California was $18,000.
• Disrupt the ability for municipalities to secure tax-exempt Private Activity Bonds (PAB's) that
fund critical revenue for police and fire protection services.
• Elimination of these deductions would increase the cost of living in California.
While the City does not traditionally weigh in on federal tax policy, it is requested that you oppose
H.R. 1 unless existing tax deductions are protected. The California and Diamond Bar housing
markets would be considerably impacted if these deductions are limited, thereby preventing
future new housing development and shrinking the availability of affordable single-family
residential housing.
Thank you for your consideration on this matter.
Fox
City
cc: City Council
League of California Cities
Joe A. Gonsalves & Son
Jimmy Lin Ruth M. Low Carol Herrera Nancy A. Lyons Steve Tye
Mayor Mayor Pro Tem CouncilMember Council Member Council Member
City of Diamond Bar 1 21810 Copley Drive Diamond Bar CA 91765-4178
www.DiomondBarCA.gov 1 909.839.7000 Fax 909.861.3117