It’s been a dizzying few weeks watching the House and Senate proposals to overhaul our country’s multi-trillion dollar tax system. It’s difficult for any citizen, no matter how informed, to follow the differing House and Senate proposals that are moving at such a rapid pace.
Two things are absolutely certain – both proposals will further shift our country’s tax burden away from corporations and the affluent to working families and greatly diminish affordable housing.
In the 1960s, the ratio of federal collections between individual and corporate income taxes was about 2 to 1. Since the Great Recession, this ratio has approximated 5 to 1. This is all being pushed in an era of ever-widening income inequality that will also lead to a significant increase in budget deficits that will set the stage for additional budget cuts and austerity.
Although the Senate budget version 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, Low-Income Housing, Historic, and New Markets Tax Credits.
Last week, COHHIO and our Executive Director, Nate Coffman, were in D.C. advocating against these proposals, and it was clear that Congressional offices are getting oppositional calls but more are needed.
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 households and that specifically it’s important to protect and expand tax provisions that support affordable housing and community development such as private activity bonds, Low-Income Housing, Historic, and New Markets Tax Credits.
Contact Senator Rob Portman.
Contact Senator Sherrod Brown
Contact your U.S. House Representative
Also, join a national Twitterstorm on Tuesday, November 28 from 2:00pm to 3:00pm to urge senators to vote “no” on this irresponsible and unacceptable tax bill. #CutsHurt #AffordableHousing
Thank you for your advocacy and have a happy Thanksgiving!