CA Controller Underscores Negative Impact of
Federal Tax Reform Proposal on Californians
SACRAMENTO— Today Betty T. Yee, State Controller and Chair of the California Franchise Tax Board (FTB), emphasized the federal tax reform plan’s potentially harmful impacts on California taxpayers.
“Take what the House GOP says about the middle class with a grain of salt. Eliminating the SALT deduction would increase tax burdens on approximately 5.8 million California households that currently deduct $12,000 each on average – mostly middle-income earners. That thousand dollars a month is what the average California family spends on rent. Meanwhile, the $10,000 cap on the property tax deduction would affect about 560,000 California tax filings. This 'reform' fiasco is adding a much deeper chill to the coming winter, and it will have devastating effects on the economy, health care, jobs, and housing.”
In June, Controller Yee wrote to congressional committee leaders to express opposition to the president’s proposal to eliminate the federal deduction for state and local taxes. She also has been a leading voice in the call for comprehensive tax reform in California
As the chief fiscal officer of California, Controller Yee is responsible for accountability and disbursement of the state’s financial resources. The Controller also safeguards many types of property until claimed by the rightful owners, and has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Elected in 2014, Controller Yee is the tenth woman elected to a statewide office in California’s history. Follow the Controller on Twitter at @CAController and on Facebook at California State Controller’s Office.