News · Press Release

Texas Homeowners Lose Thousands Due to GOP Tax Scam

Do Congressmen Mike McCaul, Chip Roy, Pete Olson, Will Hurd, Kenny Marchant, and John Carter regret support for raising taxes on hardworking Texans?

 

Today, KXAN in Austin reported that Texas homeowners are set to lose thousands of dollars this tax season thanks to the Republican Tax Scam supported by Congressmen Mike McCaul, Chip Roy, Pete Olson, Will Hurd, Kenny Marchant, and John Carter. The GOP tax bill was a massive giveaway to the wealthy and big corporations that is raising taxes on the middle-class while increasing healthcare premiums – even as it adds $2 trillion to the federal debt and ushers in an era of trillion-dollar deficits.

 

According to KXAN, “Texas homeowners will likely lose several thousands of dollars due to a limit on property tax deductions, a new change to tax law beginning this year… This comes as taxpayers across the nation are reporting lower refunds than years past under the first full year of the Trump Administration’s overhauled tax code.”

 

“For many American families, owning a home is a path to the middle class,” said DCCC spokesperson Brooke Goren. “Instead of having their backs, Congressmen Mike McCaul, Chip Roy, Pete Olson, Will Hurd, Kenny Marchant, and John Carter supported a tax scam that helps the wealthy and big corporations while leaving the middle class behind. The question now is will these congressmen apologize for raising taxes on hardworking Texas homeowners?”

 

KXAN (NBC Austin): Texas homeowners may lose thousands due to new tax law

By Alex Caprariello

 

Texas homeowners will likely lose several thousands of dollars due to a limit on property tax deductions, a new change to tax law beginning this year.

 

…This comes as taxpayers across the nation are reporting lower refunds than years past under the first full year of the Trump Administration’s overhauled tax code.

 

The Internal Revenue Service says the average refund so far is down about eight percent. Refunds for early filers average $1,865. That’s compared to $2,035 for the 2017 tax year.

 

The tax changes, for the most part, are resulting in lower refunds for taxpayers with dependents because personal exemption deductions were reduced from $4,050 per taxpayer and dependent to zero.

 

…Lastly, in Texas, the property tax deduction for homeowners has been limited, which reduces the likelihood of itemizing your deductions and will likely lead to several thousand dollars in lost deductions.

 

READ THE FULL STORY HERE

 

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