There is another way the bill would impact New Mexico: Elimination of the state and local tax (SALT) deduction. This deduction allows tax filers to deduct the taxes they pay in state and local taxes, which primarily impacts states like California and New York with higher incomes and higher amounts of progressivity in their tax structure. A report by the Democrats on the Senate Joint Economic Committee found that would reduce school funding by $94 million.
In six years, according to Sen. Martin Heinrich (D-N.M.) of Congress’ Joint Economic Committee, the CFPB has responded to more than 1 million consumer complaints, reduced consumer debts by nearly $8 billion, provided protections from mortgage service and credit card fees, barred excessive interest rate hikes and limited predatory sales practices aimed at young consumers. Its enforcement action led to a $100 million penalty against Wells Fargo, whose employees were given incentives for opening phony accounts for customers without their knowledge.
“I’m not opposed to a more competitive corporate tax system, but not one financed on the backs of middle-class families,” Heinrich, the ranking member of the congressional Joint Economic Committee, told the Journal. “The GOP plan takes away family tax deductions and exemptions and uses that money to cut corporate rates. I think they ought to find savings within the corporate tax code in order to finance corporate rate reduction, instead of their current plan that raises taxes on working families to do it.”
Under the current Senate bill, an individual in Ohio earning about $25,000 a year could get a tax cut of about $340. But, according to the nonpartisan Joint Economic Committee, a 27-year-old in Ohio, earning about $25,000 a year, would see their health insurance premiums increase by $395 a year. So, they are getting $340 in tax cuts. But paying $395 more for health insurance. They are now $55 in the hole. And for a family of four in Ohio earning $60,000 a year, they could expect a $630 tax cut under this bill. But the Joint Economic Committee says they are going to pay $1,431 more in health insurance premiums under this bill. So they are in the hole $800.
Meanwhile a Nov. 15 Joint Economic Committee Democrats’ report faults the House tax package (H.R. 1) for putting an estimated 4.5 million jobs at risk over next 10 years by eliminating Private Activity Bonds, the New Markets Tax Credits, and the Historic Tax Credit Program.
A report released by Democratic members of the Joint Economic Committee highlights causes of the increasing cost of college for many Americans. It identifies, among those, declining state support for public institutions, incentives for institutions at odds with keeping programs affordable, and failures in the regulatory system to hold programs failing students accountable.
A report released by Democratic members of the Joint Economic Committee highlights causes of the increasing cost of college for many Americans. It identifies, among those, declining state support for public institutions, incentives for institutions at odds with keeping programs affordable, and failures in the regulatory system to hold programs failing students accountable.
Nov 07 2017
Politico - Morning Education
Democrats on the Joint Economic Committee, led by Sen. Martin Heinrich, today are releasing a new report describing “The College Affordability Crisis in America.” Read it here.
Still, some lawmakers believe a recognition of the threats posed by climate change is essential when drafting mitigation, preparedness and response solutions to extreme weather events. "We've seen the economic toll that climate change takes on communities through larger and more frequent storms, fires and floods," said Sen. Martin Heinrich (D-N.M.), ranking member of the Joint Economic Committee, in a statement to E&E News yesterday. "We must ensure that our recovery efforts include improvements in infrastructure that prepare us for a new climate reality. As Congress moves forward with additional disaster relief, it should require relief funds for the construction of resilient infrastructure and also prioritize mitigation efforts that save us money." Heinrich yesterday released a report on the need to rebuild infrastructure from natural disasters in a way that limits future risk.
Nov 02 2017
Politico - Morning Energy
Joint Economic Committee Democrats released a report Wednesday arguing the federal government must adapt how it rebuilds following natural disasters to be more resilient and that every dollar spent on disaster preparedness provides almost $4 in future benefits. Take a glance here.
