Sacramento, CA – Senator Mike McGuire, Chair of the Senate Governance and Finance Committee, will hold a timely informational hearing on Wednesday, January 10 to discuss the significant impacts the Federal Tax Bill, rushed through by Congress prior to the holidays, will have on California residents.
“The richest in America have something to celebrate with President Trump’s tax plan, middle class and low income Californians, not so much,” said Senator Mike McGuire. “The plan will ruthlessly cut the health insurance of 1.7 million Californians, the plan adds $1 trillion to the national debt, eliminates the deduction for wildfires unless declared a federal disaster, which is horribly cruel and punitive, and it caps the state mortgage, sales and property tax deductions which will be a massive hit to California’s middle class.”
The Senate Governance and Finance hearing – “A Preview of Federal Tax Reform: What it Means for California’s 99%” – will be held after the committee considers a handful of bills at 9:30 a.m. this Wednesday, Jan. 10 in the State Capitol, Room 112. The hearing will be livestreamed at www.senate.ca.gov.
Representatives from the Franchise Tax Board will be providing a presentation on their initial assessment of the bill and answer questions regarding the potential impacts of federal tax reform on Californians.
“Determining the impacts of the Federal Tax Reform bill will be one of the most important issues the Legislature will face this year, which is why we wanted to kick off 2018 with this important oversight hearing,” Senator McGuire said. “We’ll be back with a second hearing in March, once the hardworking team at the Franchise Tax Board has time to fully digest this 500 page behemoth which was jammed through during the holidays by Congress and President Trump.