Raised housing payments for new homebuyers by about $500 in 2017. On its first day, the Trump administration reversed an Obama administration action to lower Federal Housing Administration, or FHA, mortgage insurance premiums for new homebuyers by 25 basis points, which could have lowered mortgage payments for 1 million households purchasing or refinancing their home this year alone.
Attacked the Department of Labor’s fiduciary rule, which would have required retirement advisers to act in their clients’ best financial interest. President Trump delayed the rule’s implementation by 60 days and has ordered the department to re-evaluate the rule. This will make it much harder to save for retirement, as high fees from conflicted advice result in savers losing $17 billion in fees annually.
Delayed court proceedings on the Obama administration’s expansion of overtime, failing to defend the pro-worker rule. This rule would have raised wages for workers by $12 billion over the next 10 years and extended overtime protections to 4.2 million more Americans. In his confirmation hearings, Labor Secretary nominee Alexander Acosta suggested he would attempt to weaken the overtime rule.
Delayed enforcement of a rule to reduce workers’ exposure to deadly silica dust for three months. After more than four decades of development, this rule would protect construction and manufacturing workers from inhaling silica, which can lead to lung cancer, silicosis, chronic obstructive pulmonary disease, and kidney disease. It was projected to save more than 600 lives and prevent more than 900 new cases of silicosis each year.
Repealed the Fair Pay and Safe Workplaces Executive Order, which ensured that federal contractors complied with worker protection laws before receiving government contracts. The order would have required companies wanting to do business with the government to disclose past labor law violations and come into compliance before receiving new contracts. Because of the repeal, millions of workers will be more vulnerable to wage theft, workplace injuries, and discrimination on the job. The order also would have protected women by banning forced arbitration in the case of sexual assault, harassment, or discrimination claims.
Supported efforts in Congress to cut taxes on the wealthy that help fund the Affordable Care Act, or ACA. As part of Congress’s effort to repeal and replace the ACA, a move that President Trump supported, the 3.8 percent net investment income tax would have been repealed at a cost of $157 billion over 10 years, according to Congressional Budget Office, or CBO. This is revenue needed to fund important programs that ensure basic human living standards and retirement security for tens of millions of working Americans. Based on Trump’s rental real estate income alone, The Wall Street Journal estimated the repeal would have saved Trump $3.2 million in taxes in 2016 alone.