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Chicagoland Dems unveil report on impact of GOP tax law on homeowners

As reported in Crain’s Chicago Business, today Illinois Democrats unveiled a new report outlining how the GOP Tax Scam hurts homeowners in every Congressional district in Illinois. The report, issued by the Democratic staff of the Committee on Oversight and Government Reform at the request of Representatives Schakowsky and Kelly, outlines the disastrous impact that the new tax law is having on the approximately 1.7 million homeowners in Chicagoland. After releasing the report, Chicagoland Democrats released the following statements:

“This report demonstrates how, yet again, Republicans are benefitting corporations and billionaires and leaving every day Americans to pick up their tab,” said Congresswoman Jan Schakowsky. “Last month, Republicans pushed through another tax bill to make the temporary provisions in their first $2 trillion-dollar tax bill permanent. The Republican tax law provides $66.7 billion in tax breaks and giveaways to real estate developers while capping the state and local tax (SALT) deduction for homeowners at $10,000. In a state like Illinois, where homeowners already pay significantly more in property taxes, this provision will be disastrous. Republicans in Congress are making it even more difficult for working families to achieve the American dream, by weakening home ownership, which was once a staple of the American middle class. They have taken away the tax deductions that many Illinoisans rely in order to enrich the GOP donor class. The only winners from the GOP’s Tax Scam 2.0 are wealthy real estate developers, the super-rich, and corporate executives – the losers are middle class Americans and those who aspire to be middle class.”

“When Illinois homeowners pay more in taxes, they can thank Congressional Republicans, especially Pete Roskam who authored the legislation,” said Congresswoman Robin Kelly. “Instead of crafting a plan that provides relief for working and middle-class Illinois families, Congressional Republicans passed a tax scam that gives more than 80 percent of the benefits to a handful of super rich families. What they are doing to Illinois homeowners is bad policy and makes zero economic sense.”

“The GOP tax scam takes money out of the pockets of families, neighbors, and homeowners in Illinois and puts it right into the pockets of wealthy real estate developers and the super-rich,” said Congressman Luis Gutiérrez. “The report issued by the Committee on Oversight and Government Reform today echoes what we have been saying: transferring money from hardworking families and homeowners to the very rich is not a recipe for economic growth and prosperity.  Donald Trump is not interested in anyone who is not rich enough to buy condos in his buildings.”

“The Republican tax law asks hard-working Illinoisans to pay for massive tax cuts for the most secure in our nation,” said Congressman Danny K. Davis. “Capping the State and Local Income Tax deduction double taxes over 40 million middle class families, while corporations that donate to political coffers get the full benefit.  Indeed, 31 percent of Illinoisans recently claimed the SALT deduction for a total of $24.12 billion.  Thus, the Republican law increases the taxes on over almost 2 million Illinoisans by hundreds of millions of dollars. It takes away critical personal exemptions from millions of families with children and devalues housing costs by capping the mortgage interest deduction.  People in Chicago expect government to help real people, not millionaires and corporations.”

“The GOP tax scam remains one of the most shameful and disastrous policies of this beleaguered Administration,” said Congressman Bobby Rush. “Washington Republicans have continued to show disdain for hardworking Americans. They are hellbent on working overtime to pad the pockets of the wealthy and well-connected on the backs of the very Americans we were all elected to serve.  It is disgraceful that Republicans are punishing middle-class homeowners while rewarding real estate developers with tens of billions of dollars in tax breaks under their tax scam.  This report further illustrates how this harmful scheme hurts Illinoisans and removes important tax deductions that all of our constituents have long relied on.  I wish the GOP was more focused on fighting for the people — instead of big business and the wealthy — because Americans deserve better than their cronyism and incompetence,”

“Real, comprehensive tax reform would help all Americans, but Republicans aren’t interested in providing relief to those who need it most,” said Congressman Mike Quigley. “Instead of supporting middle-class families who help our communities grow and thrive, they have introduced a GOP Tax Scam that provides tax breaks for mega real estate developers at the expense of hardworking homeowners. The callus decision to destroy vital longstanding tax deductions that assist Chicagoans who do not receive a fair return on investment from their federal tax dollars is a direct affront to those who have built their homes, families, and lives in the Chicagoland area.”

Congressman Brad Schneider said:“The GOP’s partisan tax bill is punishing to Tenth District families, especially the more than 57,000 who now face double taxation on their state property taxes due to the restriction of the SALT deduction. We still need to reform our tax code, and I remain willing to work across the aisle on real reform that is fair, fiscally responsible, and grows our economy.”

“As we near the one year anniversary of the infamous Republican tax law, one thing has become abundantly clear: working families are no better off today than they were before, and hundreds of thousands are worse off,” said Congressman Raja Krishnamoorthi. “In 2017, 128,000 of my constituents in Illinois’ 8th Congressional district could fully deduct property taxes under the state and local tax (SALT) deduction, and the average SALT deduction for state, income, and sales taxes was nearly  $14,000. Today, 54,000 people are no longer able to fully deduct their property taxes using the SALT deduction because it has been cruelly and unnecessarily capped at $10,000. I strongly urge my Republican colleagues to implement tax policies that actually help American workers build middle-class lives for their families.”

Read more about the report here.

A copy of the report can be found here.

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