Opinion: Ken Calvert: The Democratic agenda is financially punishing working families
President Joe Biden has repeatedly pledged to oppose any tax increase on households making less than $400,000 per year. Meanwhile, Gov. Gavin Newsom proclaimed that “we don’t leave our workers behind” during his State of the State Address last year.California has some of the highest electricity costs of any state in the country. Last year, Gov. Newsom signed into law Assembly Bill 205, requiring California’s private electric utilities to implement a new income-based fee and rate structure.
These new income-based fees are not just for the wealthy – households earning between $69,000 and $180,000 will see a fixed cost fee of $51 on their bill every month, and those earning more than $180,000 will pay $85 a month. According to Edison, half of their ratepayers will see lower overall bills under this new fee and rate structure which means the other half of the ratepayers will not be so fortunate.
Back in Washington, the Biden Administration has rolled out a proposal that performs mental gymnastics to get around the President’s “pro-middle class” pledge. The proposal is so outrageous, it punishes Americans for having a high credit score. That’s right, under this new stupefying policy, individuals and families with high credit scores will pay a new fee on their monthly mortgage.
Homeowners with good credit who put 20% down when purchasing their home will be paying the highest fees. This is a dangerous policy targeting responsible families. Bear in mind that we already have significant first-time, veteran, and other homebuyer assistance programs that do not include President Biden’s punitive shakedown of fiscally-sound homeowners.
Your electric and mortgage bills are just the start. Next year, the IRS will begin implementing a new tax law passed by Democrats and signed into law by President Biden that will require massive amounts of new reporting requirements.
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