Here are the key factors in the bill which direct toward lowering costs and lowering taxes for American citizens (CBS News reports):
Here's what the House version of the measure would do:
- Corporate tax rate would be cut from 35 percent to 20 percent;
- It nearly doubles the standard deduction -- from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples;
- The child tax credit would be expanded from $1,000 to $1,600, and the child and dependent care tax credit would be continue at $300;
- The home mortgage interest deduction would be capped at $500,000;
- It eliminates the Alternative Minimum tax;
- The bill also eliminates the Estate tax
Here are the Republicans who voted against the bill:
• Rep. Dan Donovan (New York)
• Rep. John Faso (New York)
• Rep. Rodney Frelinghuysen (New Jersey)
• Rep. Darrell Issa (California)
• Rep. Walter Jones (North Carolina)
• Rep. Peter King (New York)
• Rep. Leonard Lance (New Jersey)
• Rep. Frank LoBiondo (New Jersey)
• Rep. Tom McClintock (California)
• Rep. Dana Rohrabacher (California)
• Rep. Chris Smith (New Jersey)
• Rep. Elise Stefanik (New York)
• Rep. Lee Zeldin (New York)
The vast majority of the voters represent constituents in high-tax blue states. The House Bill removes deductions for state taxes, and because the state incomes taxes are so high, the argument follows that these blue state residents will end up with a higher tax burden.
Yet Stephen Moore spoke to this concern at the October 2017 CAGOP Convention in Anaheim:
The biggest takeaway? The federal income tax rates were coming down much lower, which would allow for savings on that end, even if there was no longer an state income tax deduction.
Three Republicans in the California delegation voted against the bill, all citing the removal of the deduction for stateincome taxes.
I contacted Congressman Dana Rohrabacher's office, since I was surprised that he had voted against the legislation, though. His staffers informed me that he had received a large volume of calls in opposition to the bill, and therefore he decided to vote against it. I guess all the calls from the Indivisible Movement are having an unprecedented impact after all.
Tom McClintock and Darrell Issa had decided against the legislation for the same reasons.
Walter Jones was a unique stand-out in the list, as well. His press release indicated his concerns with the growing national debt, and that tax reform would end up increasing the deficits and put the national security at risk because of continued borrowing.