Kim has back taxes worth between $10,000 and $15,000 due to IRS. According to Kim’s Statements of Economic Interest filed in February 2018, Kim has an “installment of taxes due for 2009 & 2010” worth between $10,000 and $15,000 with the Internal Revenue Service. The liability was incurred in October 2014. [Clerk of the House of Representatives, Young Kim Personal Finance Disclosure, filed 2/15/2018]
Kim received $7,000 per year homeowner’s exemption from 2010 to 2015 for house she did not live at beginning in 2012. According to the Orange County Treasurer-Tax Collector, Kim received a $7,000 homeowner’s exemption for her home located at 1321 Smoke Tree Court in La Habra, California every year from 2010 to 2015. However, in May 2014, The Orange County Register reported that Kim “moved into the [65th] district in December 2012 from nearby La Habra.” According to the Orange County Registrar of Voters, in December 2012, Kim registered to vote at 1234 Starbuck Street in Fullerton, California. In December 2014, Kim changed her registration again and listed her home address as 2154 Seaview Drive in Fullerton, California. In addition, according to Kim’s Statements of Economic Interest, the Kims operated 1321 Smoke Tree Court as a rental between 2014 and 2017. On these forms, the Kims listed that they received between $10,001 and $100,000 per year from renting out 1321 Smoke Tree Court. [Orange County Treasurer-Tax Collector, Secured Property Tax Bill, 2010-11; 2011-12; 2012-13; 2013-14; 2014-15; The Orange County Register, 5/17/2014; Young Kim Statement of Economic Interest, Form 700, Filed 2/24/2015; Filed 2/25/2016; Charles Kim Statement of Economic Interest, Form 700, Filed 3/9/2017; Filed 3/31/2018]
Kim admitted to illegal homeowner’s exemption; paid liens in 2016. In October 2016, Orange Juice Blog reported that Kim “homeowner’s tax exemption on property she no longer lived in,” which triggered a “lien on that property,” and Kim subsequently “went and took care of the debt.” After Quirk-Silva sent out a mailer about Kim’s illegal homeowner’s exemption, Kim issued a statement saying,
My opponent is correct, I made a mistake on my taxes the last couple of years, as many people do, but I have rectified that error. In the spirit of openness I will release my last five years of taxes, showing I have nothing more to hide, and hope that we can move on to discussing the real issues that matter to the voters of the 65th assembly district.
According to the Orange County Clerk-Recorder, Kim and her husband Charles received two liens in October 2015: one lien worth $197.96 and one worth $189.39. The liens were both issued at the Kim’s last known address, which was 1234 Starbuck Street in Fullerton, California. The Kims paid both liens in September 2016. [Orange Juice Blog, 10/3/2016; Orange County Clerk-Recorder, 10/13/2015; 10/13/2015; 9/29/2016; 9/29/2016]
YK Connections ‘small business’ does not pay business taxes. Each of the thirty-three cities with business license offices in Orange County confirmed that YK Connections does not have a business license in their jurisdiction. The offices contacted include: Aliso Viejo, Anaheim, Brea, Buena Park, Costa Mesa, Cypress, Dana Point, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, La Palma, Laguna Beach, Laguna Hills, Laguna Niguel, Lake Forest, Los Alamitos, Mission Viejo, Newport Beach, Orange, Placentia, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Santa Ana, Seal Beach, Stanton, Tustin, Villa Park, Westminster, and Yorba Linda.
YK Connections not registered in Fullerton to pay business taxes. The City of Fullerton, the city in which Kim indicates her YK Connections business is based, confirmed that ‘YK Connections’ is not registered for a business license. The City of Fullerton indicated that sole proprietorships are also required to pay business taxes to the city. [City of Fullerton, Accessed 9/15/2018]
Kim received over $1.28 million in taxpayer-funded salaries while failing to pay her own taxes. While not properly paying her own taxes, Kim has taken over $1.28 million in taxpayer-funded salaries, bonuses, and per diems and will be eligible to receive over $30k annually from a taxpayer-funded pension.
Kim earned $95,291 in 2015 and $95,291 in 2016 as California State Assemblymember. According to the California Assembly, Kim earned $95,291 in 2015 and $95,291 in 2016 in total pay and benefits as an assembly member for California’s 65th District. [California Assembly, 12/12/2014; 4/18/2016]
Kim received $948,664.03 as congressional aide to Rep. Ed Royce from 2001 to 2013. According to the House of Representatives and data analyzed from Legistorm, Kim received $948,664.03 as a congressional aide to Rep. Ed Royce from 2001 to 2013. [Legistorm; House of Representatives, 10/20/2009; 1/13/2010; 4/13/2010; 7/27/2010; 11/15/2010; 1/11/2011; 5/23/2011; 7/5/2011; 10/5/2011; 1/17/2012; 5/8/2012; 6/9/2012; 9/25/2012; 1/2/2013; 4/9/2013; 6/26/2013; 9/26/2013]
Kim received $7,500 upon leaving Royce’s office in 2013. According to the House of Representatives, Kim received $7,500 in 2013 during her last pay period with Rep. Royce’s office. The expense was listed as “other compensation.” [House of Representatives, 9/26/2013]
Kim collected $39,099.87 in taxpayer-funded reimbursements as a congressional aide. According to the House of Representatives, Kim collected $39,099.87 in taxpayer-funded reimbursements as a congressional aide with Rep. Royce’s office. [House of Representatives, 10/20/2009; 1/13/2010; 4/13/2010; 7/27/2010; 11/15/2010; 1/11/2011; 5/23/2011; 7/5/2011; 10/5/2011; 1/17/2012; 5/8/2012; 7/9/2012; 9/25/2012; 1/2/2013; 4/9/2013; 6/26/2013; 9/26/2013]
Despite devastating impact of SALT deductions, Kim said tax plan is ‘step in the right direction.’ In March 2018, Kim praised the GOP tax plan at a forum, despite its cap on SALT and property tax deductions affecting 33% of CA-39 residents. Kim called the tax plan a “step in the right direction” and praised the plan’s increases in child tax credit and incentives to corporations to return to the US. At the forum, Kim said the plan “has tax cuts for all people across the board,” though the GOP plan eliminates savings on $11,171 worth of taxes for each beneficiary in CA-39. [Youtube, 3/29/2018; DCCC, 12/19/2017]
Kim ‘applauded’ President Trump’s tax plan. In February 2018, the OC Register reported that Kim supported President Trump’s tax plan. The OC Register wrote, “Kim, Harkey and Nelson all praised regulatory reforms of the president, with Kim and Nelson also applauding the tax-reform package.” [OC Register, 2/16/2018]
The Republican tax plan gave 83 percent of the total benefits to the wealthiest one percent and corporations. In April 2017, Americans For Tax Fairness reported that the Republican tax plan gave 83 percent of the total benefits to the wealthiest one percent and corporations:
The tax cuts take revenue out of the federal budget that could be used for public services and investments and divert most of it to the richest households and largest corporations. When the new tax law is fully phased in, 83% of the tax cuts will go to the wealthiest 1%. Moreover, these tax cuts will explode the national debt and thereby endanger future funding for Medicare, Medicaid, Social Security and other public services working families rely on.
[Americans For Tax Fairness, 4/17/2018]
Sacramento Bee: ‘Trump’s tax cut not for everyone: 1 million Californians will owe $12 billion more next year.’ In April 2018, The Sacramento Bee published an article entitled, “Trump’s tax cut not for everyone: 1 million Californians will owe $12 billion more next year”:
President Donald Trump’s tax cuts will be anything but for about 1 million California taxpayers who will owe Uncle Sam more money a year from now. They’re the Californians who will lose a collective $12 billion because the new law caps a deduction they have been able to take for paying their state and local taxes, according to a new analysis by the Franchise Tax Board… But some middle-class Californians will pay more, too. About 751,000 households with incomes under $250,000 probably will owe more tax. All together, they’ll owe an extra $1.1 billion.
[The Sacramento Bee, 4/17/18]
Middle and lower-income households worse off under GOP tax bill. In December 2017, the Center on Budget and Policy Priorities reported that the GOP tax bill offers the most benefits to high-income households, and leaves middle and lower-income households worse off. Under the bill, in 2025, high-income households would receive the largest tax cuts on average, while those earning below $30,000 would face a tax increase on average. By 2027, after many provisions would have expired, higher earners would still quality for large tax cuts, but all income groups earning less than $75,000 would face tax increases. [Center on Budget and Policy Priorities, 12/19/2017]
CBO: GOP tax law will increase deficit by $1.9 trillion. In April 2018, the Congressional Budget Office reported that the GOP tax law will increase the national deficit by $1.9 trillion between 2018 and 2028. [Congressional Budget Office, 4/20/2018]