House passes Trump tax cuts; Arizona delegation splits on party lines
The U.S. House of Representatives has approved a $1.5 trillion tax cut bill Tuesday that cuts rates for corporations, consolidates and cuts personal income and estate taxes and tweaks child tax credits and mortgage interest deductions.
The tax cuts — a centerpiece for President Donald Trump — passed 227 to 203. The House bill also gets rid of individual health insurance mandate in Obamacare.
No House Democrats voted for the tax cut plan while only three Republicans opposed the bill, which was born out of bills previously passed by the House and Senate.
The hallmarks for the Trump tax plans trim corporate tax rates from 35 percent to 21 percent and retain seven personal income tax rates (10, 12, 22, 24, 32, 35 and 37 percent).
The top income tax rate drops from 39.7 percent to 37 percent for singles making $500,000 or more and couples making $600,000 or more.
The tax bill allows for a $10,000 deduction for state and local taxes and mortgage interest deductions on home loans up to $750,000.
Republicans such as U.S. Rep. Andy Biggs hailed the bill:
“The Tax Cuts and Jobs Act will provide much-needed economic relief to American individuals, families, and businesses,” said Biggs who represents Phoenix’s East Valley suburbs. “Families will be able to save more money to send their children to college. We are already seeing the positive economic impact based on the promise of tax reform. When this bill is signed into law, we will see an even more robust economy.”
Democrats said the Trump tax cuts favor the rich and big business.
"I saw some robberies growing up," said Gallego in the lead up to the vote. He represents a Phoenix congressional district. "This bill be the most blatant robbery of the U.S. Treasury in the history of the country."