DeLauro releases report on impact of Republican tax reform for Connecticut
Congresswoman Rosa DeLauro released a new report on Friday relating to the Republican tax law hurting homeowners throughout Connecticut.
The report was prepared by the Democratic staff of the House Committee on Oversight and Government Reform and points out new financial penalties on homeowners, as well as the predicted impact on Connecticut, specifically Third District homeowners. The report also points out the tens of billions of dollars in new tax breaks for real estate developers.
“A home is often the centerpiece of a family’s nest egg, and they borrow against its value,” DeLauro said. “However, under the new tax law, Connecticut homeowners that use home equity loans for something other than home improvement, such as medical bills, their child’s higher education, or even car repairs will no longer be able to deduct their interest payments from their federal income taxes.”
DeLauro also said there are no such restrictions on billionaires and corporations put on by Republicans in how they spend their $1.5 trillion tax cut.
“That is the height of hypocrisy,” DeLauro said.
DeLauro encourages Republicans to join Democrats in implementing an agenda that puts working people first instead of rigging the tax code to help millionaires, billionaires, and corporations.
Jim Paley, Executive Director of Neighborhood Housing Services of New Haven said the tax cut was passed without support by both houses of Congress, and heavily benefits the extremely wealthy, including President Trump.
“I applaud Congresswoman DeLauro for her efforts to point out to the American people just how grave an injustice this so-called tax reform really is,” Paley said.