Representatives Rod Blum (IA-01), David Young (IA-03), and Steve King (IA-04) joined most of their Republican colleagues in the U.S. House today to pass a tax bill that would greatly increase the federal deficit, conferring most of the benefits on corporations and people far wealthier than most Iowans. Tens of millions of low to moderate-income Americans would pay more in federal taxes if its provisions became law, because a number of tax credits and deductions would be scrapped or scaled back.
To cite just one example: ending a tax break for out-of-pocket medical expenses would have a “catastrophic effect on disabled people” as well as anyone who spends a substantial amount on chronic health conditions or fertility treatments.
Meanwhile, an estimated 203,000 Iowa children would be either fully or partially left out of the expanded Child Tax Credit included in the House bill. Repealing the estate tax, which applies “only to the value of an estate that exceeds $5.5 million per person ($11 million per couple),” would benefit about 70 Iowa families in 2018, some 0.2 percent of all estates.
House Republicans know their tax plan will cost many Americans more. For that reason, before bringing the bill to the floor–with no hearings–they waived a rule that “had been put in place to make it difficult to increase taxes.”