Memorial Day gas prices are the highest since 2014, The rising price of gas has already negated the tax savings from last year's tax cuts bill for low-income Americans. Retaining fuel economy standards would increase energy security.
While the low income housing tax credit was retained, banks will be much less willing to purchase them due to their reduced corporate tax rate. That's just one way H.R. 1 will exacerbate divisions between the rich and poor in America's cities.
A new Harvard study reports that the rental market began to decline this year, and may continue to drop as higher income renters become homeowners. However, the report was released a week before the GOP tax cuts bill was signed.
The current mortgage interest deduction is $1 million. The House version of the tax bill called for a $500,000 cap while the Senate left it untouched. They split the difference and capped it at $750,000. Congress is expected to pass H.R. 1 this week
To help pay for their massive tax cut bill, Senate Republicans have proposed elimination of a small tax benefit that can save bike commuters $240 annually. Unlike the House tax bill, they don't touch parking and transit benefits.
The Tax Cut and Jobs Act would have a deleterious effect on major infrastructure proposed by the private sector. The loss of Private Activity Bonds would hike borrowing rates for road, transit, stadium, and even affordable housing projects.
The House GOP tax plan, which Trump wanted to name the "Cut, Cut, Cut" bill, was intended to cut taxes, but it's also cutting credits, like the federal $7,500 electric vehicle tax credit. How much would its elimination affect EV sales?