Impact of the GOP tax plan:
"Just two months ago, Gov. Jerry Brown signed more than a dozen bills aimed at funding and streamlining affordable-housing construction throughout the state. But this progress may be overshadowed by cuts to “private activity bonds” and the federal Housing Tax Credit program. Just last year, more than 20,000 affordable homes were built with $2.2 billion in tax credits and $6 billion in private bonds. By exterminating the public-private partnerships that built these homes, there will be little money or incentive left to build affordable housing in a state that desperately needs more. Even the Orange County Register (a paper that leans right of center) said, “the federal GOP tax plan would take a wrecking ball to the new [affordable housing] foundation California has put in place.”
With Thanksgiving, Black Friday, Cyber Monday and Giving Tuesday behind us, Americans' pocketbooks are likely suffering from all the recent activity. And although tax season feels like a figment of the distant future, Californians likely will have less disposable income to spend for coming holiday seasons if the Republican tax bill passes.