A brief sample of our November 2017 newsletter: What’s Happening in Ohio Community Development?
TAKE ACTION: Tax Bills Batter Opportunity and Affordable Housing
The so-called “Tax Cuts and Jobs Act” will decrease affordable housing, decrease jobs, decrease economic opportunity in a multitude of ways (healthcare, education), increase taxes on tens of millions of low-to-moderate income households, widen already deep income/wealth inequality, increase our national debt that will squeeze future domestic spending, and will redistribute wealth (upward) from average Americans to corporations and the affluent.
Although the Senate budget version (expected to be voted on in the coming hours) is not as harmful for housing as the House proposal, both would irreparably impact low-to-moderate-income communities across Ohio by decreasing thousands of affordable units and costing thousands of jobs through impacts to private activity bonds (Housing Bonds), Low-Income Housing, Historic, and New Markets Tax Credits.
By 2027, people making $40,000 to $50,000 would pay a combined $5.3 billion more in taxes, while the group earning $1 million or more would get a $5.8 billion cut, according to the non-partisan Joint Committee on Taxation and the Congressional Budget Office. Out of 42 top economists, only 1 believes the GOP tax bills would help the economy. “Aside from the redistribution of wealth (upward), hard to see this changing much,” wrote Richard Thaler, who just won the Nobel Prize in economics.
It’s important to make your voice heard and continue to call your Congresspeople.
Please tell them to oppose tax bills under consideration because the proposals will broadly burden low-to-moderate-income families and that specifically it’s important to protect and expand tax provisions that support affordable housing and community development namely private activity bonds (Housing Bonds), Low-Income Housing, Historic, and New Markets Tax Credits.
Regardless of the final result, it’s critically important to continue to not only educate members of Congress but to educate family, friends, and co-workers on the factual real-world impacts of these measures. Thank you for your advocacy!