With the House and Senate expected to vote next week on the package, lawmakers from both parties had predictable reactions to the details released about the bill, with GOP lawmakers insisting the $1.5 trillion tax cut would help expand economic growth.
Portman, one of the chief architects of the bill, said it would “provide tax relief for middle-class families and reform our business tax code to create more jobs and increase wages for American workers.”
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But Rep. Joyce Beatty, a Columbus Democrat, called it a “hastily written, haphazard plan” that provides “a totally unnecessary, budget-busting tax cut to the super-wealthy and well-connected at the expense of ordinary Americans.”
“This bill is nothing more than a trumped-up, trickle-down plan that overwhelmingly benefits the fortunate few — people like Donald Trump — and scams the rest of us,” Beatty said.
Portman, a member of the conference committee that hammered out final details with House Republicans, said he was “proud to play a significant role in this conference, working alongside my colleagues in the House and Senate to craft this bill and improve it on behalf of middle-class families.”
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Rep. Mike Turner, R-Dayton, said a “family of four in my district making $59,000 a year will see about $1,000 additionally in their pockets that they can use for home improvements or sending their kids to college.”
Some final tweaks to the bill brought in wavering Republicans like Sen. Marco Rubio Friday, and the GOP appeared poised to pass the bill next week without any Democratic support.
Brown complained President Donald Trump and congressional Republicans rejected a chance to craft a bipartisan bill and instead “chose to cut taxes for millionaires and corporations and pay for it by cutting Medicare and kicking people off their health insurance.”
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In a sharply worded statement, Rep. Tim Ryan, D-Niles, said Trump and GOP lawmakers “have lied to the American people about the impact of this abhorrent tax legislation. This bill will increase taxes on half of all Americans, decrease long term economic growth, and send our national debt skyrocketing — all to give companies like Apple a $47 billion tax break,” he said.
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Turner had a very different take, saying the bill will help both businesses and middle-class families.
“Businesses here will get an incentive to buy new equipment, expand, hire new employees,” he said. “That means we’ll be growing the economy at the same time people see more money in their pockets.”
Tax bill key details
Individual Brackets: 10%, 12%, 22%, 24%, 32%, 35%, 37%
Corporate Tax Rate: Cut from 35% to 21%
Child Tax Credit: Increased from $1,000 to $2,000, $1,400 of which is fully refundable.
Standard Deduction: Roughly doubled to $12,000 for singles and $24,000 for couples. Those taking standard deduction cannot itemize.
Home mortgage interest deduction for new homes: Deduct up to $750,000 per new home.
State and Local Tax Deduction: Caps at $10,000 annually, including property taxes.
Obamacare mandate: Ends fines for those who don’t buy health insurance.
Deductions: Stays same for 401ks and charitable contributions.
Medical Deductions: Increase to 10 percent of adjusted gross income starting in 2020.