Homeowners in Orange County will face higher taxes, thanks to the efforts of local Republican congresswoman Mimi Walters. A new analysis from Apartment List shows a new median homeowner in Orange County will see a tax hike ranging from $1,700 and $4,500, all due to the tax bill championed by Walters. And that’s just in the first year.
Over the course of a 30-year mortgage, Orange County residents will face tens of thousands of dollars in higher taxes. While Apartment List did not break out the details for Orange County, it did note Los Angeles homeowners would pay $76,000 more in taxes over the course of a 30-year mortgage.
The Republican tax bill, passed in 2017, mandates a cap on deductions for state and local taxes, and another cap on the the mortgage interest deduction, resulting in higher taxes. But not for every state.
Most homeowners across the country will not see higher taxes. According to the analysis, “regional disparities are closely tied to median home values, with more expensive markets being hit harder.” Further, “homeowners in California and northeastern states, such as Massachusetts, New York and New Jersey, will see some of the biggest losses.”
Nevertheless, Walters persisted.
Now Californians are stuck with a bill that is enriching Wall Street and leaving small businesses behind. Corporations are celebrating their excesses with stock buybacks while most Americans aren’t seeing promised increases to their paychecks.
Just like the Institute on Taxation and Economic Policy stated, the bill will “substantially increase the share of total federal personal income taxes” paid by Californians.
Millions of Californians will see higher taxes, not just homeowners. The bill was so bad that one of the few California Republicans who voted against it said, “My constituents don’t deserve a tax increase.”
While homeowners are facing thousands of dollars in higher taxes, Walters spends her time bragging about a secretary who will receive an additional $1.50 per week from the tax bill.