On Tax Day, Rep. Pete Aguilar (CA-31), along with Rep. Mike Quigley (IL-05) and Rep. Raul Ruiz (CA-36), introduced the Ending Taxpayer Subsidies for Yachts Act to end a special tax break for yacht owners. The bill ends a special tax provision that allows luxury yacht owners to deduct their interest payments on their yachts by calling them second homes. The change is estimated to save more than $150 million over the next ten years.

“This is a commonsense bill that closes a tax loophole so that middle-class families no longer subsidize yachts for the ultra-wealthy,” said Rep. Aguilar. “We can’t continue to give tax breaks for multimillionaires while cutting education and services for seniors and veterans. This bill will help us level the playing field and make the tax code more fair for the middle class.” 

Rep. Aguilar also fought today for Inland Empire taxpayers by supporting the Taxpayer Bill of Rights Act of 2015, an initiative that requires the IRS to adhere to a list of rights which protects taxpayers and promotes a fairer tax system.

“Taxpayers should have the right to be heard, be informed, and have access to any help that they may need to understand and participate in a fair and just tax system,” said Rep Aguilar. He added, “This is commonsense legislation that will help middle-class families throughout the Inland Empire who deserve accountability and transparency from their government and services affiliated with it.”

The bill, H.R. 1058, passed the House unanimously today. Rep. Aguilar has a record of fighting for San Bernardino County taxpayers. He also supported H.R. 636, the America’s Small Business Tax Relief Act, which permanently extends three different tax provisions that are commonly used by small businesses, including Section 179 expensing.  He is also a co-sponsor of legislation to repeal the medical device tax that affects local manufacturers and a bill to reduce the federal excise tax on local small breweries.