SACRAMENTO – State Sen. Mike McGuire, chair of the Senate Governance and Finance Committee, will hold an informational hearing on Wednesday, Jan. 10, to discuss the significant impacts the federal tax bill passed by Congress will have on California residents.

“The richest in America have something to celebrate today with President Trump’s tax plan, middle class and low income Californians, not so much,” said McGuire. “The plan is a horror story as 1.7 million Californians will lose their health insurance, the plan adds $1 trillion to the national debt, eliminates the deduction for wildfires unless declared a federal disaster, which is horribly cruel and punitive, and it caps the state mortgage, sales and property tax deductions which will be a massive hit to California’s middle class.”

The Senate Governance and Finance hearing – “A Preview of Federal Tax Reform: What it Means for California’s 99 percent” – will be held at 9:30 a.m. on Jan. 10 in the State Capitol, Room 112.

The hearing will be livestreamed at www.senate.ca.gov.

“We look forward to the hearing and shining some much-needed light on the bill’s negative impacts on California’s working families,” said McGuire, whose district includes Lake County.