US Secretary of Treasury Steve Mnuchin and Special Advisor to the President Ivanka Trump Address OC Business Leaders in Private Meeting
Monday, November 06, 2017
United States Secretary of the Treasury Steve Mnuchin and Special Advisor to the President Ivanka Trump addressed a select group of business leaders from Orange County, including Greater Irvine Chamber staff members, during a private Nov. 6 meeting held in Newport Beach.
Secretary Mnuchin and Ivanka Trump were joined by a panel of eight business leaders from the Orange County region to talk about the impact of tax reform on the residents of Southern California. One of the marquee components of the proposal is to lower the corporate tax rate from 35 percent to 20 percent, which would help spur innovation, reinvestment, and job creation from business across the country.
“Two current pieces of the proposed legislation is of concern to the Greater Irvine Chamber, said Whit Peterson, director of Government Affairs, Greater Irvine Chamber, who attended on behalf of the organization. “The elimination of the state and local tax deduction as well as the reducing of the mortgage interest deduction from $1 million to $500,000 would have significant impacts on residents who are already paying some of the highest state and local taxes in the country. With the median price of a home in Orange County near $750,000, reducing the mortgage interest deduction would drastically impact those who own, or who are looking to own homes in the region.”
Secretary Mnuchin and Ivanka Trump assured attendees that the bill as written is just a proposal and as the House and Senate committees take on the legislation, things are bound to change.
The Greater Irvine Chamber opposes any policies that will negatively affect workers and families.
For more information about legislation that affects your business and ways to become involved, contact Whit Peterson.
Category: Chamber News, Advocacy News