Wasserman Schultz slams GOP tax cuts

As people wrap up their federal income taxes in time for the April 15 deadline, U.S. Rep. Debbie Wasserman Schultz says middle class families are paying more — because President Donald Trump and Republicans cut taxes for the wealthy and corporations.

“The revolting GOP Tax Scam was an underhanded assault on hard-working Americans, and gave huge breaks to the ultrawealthy and corporations, while raising taxes on millions of families, and exploding the deficit,” the Broward/Miami-Dade County Democrat said in a statement.

No Democrats voted for the plan, which was passed late in 2017 when Republicans controlled Congress, and went into effect last year. Now, with the tax deadline, many people are feeling the effects. There are 171,300 owner occupied homes in the 23rd district in Broward and Miami-Dade counties, which Wasserman Schultz represents, according to an analysis by the House Committee on Oversight and Reform.

Of those, 33,200 have home equity loans. The interest won’t be fully deductible on most — 23,200 — because they weren’t used for home improvements.

The committee analysis also said that about 10,900 homeowners in the district will no longer be able to deduct their full property taxes under the new tax law. Another 82,900 homeowners will still be able to do so.

Polling has suggested people aren’t thrilled with the tax law, largely because it cut withholding so people who got tax reductions saw them spread out on each paycheck throughout the year. One result is smaller refunds than many expected.

H&R Block, the big tax preparer, reported that the average federal tax paid by its clients is down 25%. But the average refund is up just 1.4%.

Florida is close. Tax paid is down 25%, H&R Block said, but refunds for its Florida clients are up 2 percent.

An NBC News/Wall Street Journal poll released April 8 found just 17% believe their own taxes will go down and 28% believe they’ll pay more.