National CAPACD Opposes Senate Tax Cuts and Jobs Act
Tax reform is moving quickly through Congress and as proposed, it will further distress Asian Americans and Pacific Islanders (AAPIs), immigrants, communities of color, and all low-income Americans. Yesterday, the Senate Finance Committee revealed their version of the Tax Cuts and Jobs Act and this afternoon, the House of Representatives will vote on their bill, a piece of legislation that will exacerbate the affordable housing crisis in America.
Not only does the House bill essentially eliminate the Low-Income Housing Tax Credit (LIHTC), it is also a blatant attack on immigrants. The proposed House legislation makes many immigrant families ineligible for the Child Tax Credit (CTC) because it requires the claimant to have a social security number. Many families rely on the extra income CTC provides to mitigate immediate financial hardship, and it has proven long-term benefits of improving children’s educational, health, and career outcomes. As the largest immigrant group in the United States and the fastest growing poverty population, AAPI families would be further vulnerable to financial insecurities. In response, National CAPACD expressed strong opposition against the House bill last week.
Similar to the House bill, the Senate tax bill provides windfall to the wealthy while leaving low-and-middle-income Americans behind. The bill provides tax cuts to corporations and high-income Americans that will strip away from the critical social programs our communities need, such as social security, affordable housing, SNAP, and healthcare. While the Senate bill leaves LIHTC alone, the ACA repeal provision would leave an additional 13 million Americans without health insurance in order to pay for tax cuts of nearly $100,000 per year for the top .1%, according to the Center on Budget and Policy Priorities. The Senate bill would also increase individual market premiums by about 10%, making health care almost impossible to afford for low-income individuals.
National CAPACD will not stand by as our communities are attacked. It is critical that members of Congress hear from you about the impact that these bills will have in your community.
Email your Representative and Senators to urge their opposition to the tax reform bills. We will not accept tax cuts for the wealthy at the cost of low-income Americans!