Final Tax Bill Passes House, Includes Changes Advocated for by Rep. Rod Blum
After listening to his constituents and the leaders of communities across his district, Congressman Blum advocated for changes and voted in support of the Final Conference Report to HR 1, the Tax Cuts and Jobs Act, which passed the House of Representatives today.
“Today, I cast my vote in favor of this historic bill. My criteria for tax reform has been based around these three goals: simplifying tax preparation for families, lowering taxes for middle-income workers, and reigniting our economy. While not perfect, this bill is a positive step forward, and it achieves all three of those criteria.”
Rep. Blum added, “With the doubling of the standard deduction, doubling of the child tax credit, and the lowering of tax brackets for all income levels, middle-income families will see a reduction in their taxes. Letting people keep more of the money they earned is good economic policy. Career politicians in Washington tend to believe that all money is the government's money and letting people keep more of their hard earned money is “spending” that the government can’t afford. Tax cuts are not spending - rather government spending is spending. We don’t have deficits because we tax too little - in fact, tax revenues to the federal government are at all time record highs. We have deficits because we spend too much.”
Addressing the federal deficit, Rep. Blum said, “I am very confident that increased economic activity will pay for this $1.5 trillion tax cut. Just as they did in the sixties and again in the eighties after the Kennedy and Reagan tax cuts - revenues to the federal government will increase.”
The Congressman from the First District of Iowa also noted: “We fought hard for certain provisions to be kept or added to the conference report. Provisions such as the Federal Historic Tax Credit, continued tax-exemption for private activity bonds, the wind energy production tax credit, the Section 199 deduction for farmers and their cooperatives, the Medical Expense Deduction, and the Orphan Drug Tax Credit.
Additional tax deductions maintained in this bill that we advocated for include permitting teachers to deduct classroom supplies they’ve purchased with their own money, tax-exempt 529 education savings plans, tax-deferment for 401(k)s and IRAs, the mortgage interest deduction, and the state and local tax (SALT) deduction. Keeping these provisions in our tax code is a win for Iowans.”
President Trump is expected to sign it into law by Christmas.
Text of the Individual Tax Bracket Expiration letter here.
Text of the Medical Expense Deduction letter here.
Text of the Renewable Energy, PTC, BEAT, AMT letter here.
Text of the Federal Historic Tax Credit letter here.
Text of the Orphan Drug Tax Credit letter here.
Text of the Section 199 Deduction letter here.
Text of the Private Activity Bonds letter here.
Text of the Private College and University Endowments letter here.
Rod Blum is the Republican Congressman from Iowa’s 1st District.