The Westchester/LAX-Marina del Rey Chamber of Commerce board of directors has voted to oppose changes in federal laws that would eliminate federal tax deductions for home mortgages interest and for state and local taxes.
“Such a change would have a devastating effect on our state,” said chamber president Cedric Sutherland.
Sutherland said such proposals “will be most acutely felt by the citizens of the State of California and are a disproportionate way of placing a higher burden on our state than on other high-cost markets.”
“Equally disturbing,” the chamber president added, “the tax reform proposals would reduce home values at a time when interest rates are rising — already slowing the housing market nationwide, which has been largely responsible for the strength of the economy by providing a powerful source of capital to individuals.
“This is not a partisan issue.
“This is a California issue and deserves the coordinated efforts of all Californian legislators to protect the economy of our state.”