Republican western slope House Representative Scott Tipton just voted to increase the national debt by more than a trillion dollars and alter the federal tax code in ways that will likely create hardship for many of his constituents. Every Democrat and thirteen Republican House members voted against the bill, but Tipton wasn’t one of them. The vote was a relatively close 226 in favor to 205 against.
Tipton voted to pass HR-1, the Republican “tax reform” bill which ends many of the deductions people have long used to help reduce their taxable income. Here are some of the things the bill will do:
- Add an estimated $1.4 trillion to the national debt over 10 years
- Ends the tax deduction for mortgage interest
- Ends the tax deduction for medical expenses
- Ends the deduction for alimony payments
- Ends the deduction for moving expenses
- Terminates deductions for contributions to medical savings accounts
- Ends the deduction for expenses incurred to provide access of disabled individuals
- Repeals the deduction for the cost of professional tax preparation
- Repeals the deduction for personal casualty loss, e.g. the loss of property due to fire, storm, theft, etc.
- Eliminates the deduction for state and local income and sales taxes
- Repeals the student loan interest deduction
- Cuts taxes on wealthy heirs
- Makes tax cuts for corporations permanent, while tax cuts for individuals are only temporary
A similar bill is moving in the Senate.