2017: Fitzpatrick Voted For The House GOP's 2017 Tax Reform Plan Which
Significantly Cut Taxes For The Rich And Corporations And Allowed
Parents To Set Up Education Savings Accounts For A Fetus. In November
2017, Fitzpatrick voted for reconciliation legislation which
significantly altered the federal tax code. According to Congressional
Quarterly, "The bill substantially restructures the U.S. tax code to
simplify the code and reduce taxes on individuals, corporations and
small businesses. For individuals, it consolidates the current seven tax
brackets down to four and eliminates or restricts many tax credits and
deductions, including by eliminating the deduction for state and local
income taxes and limiting the deduction for property taxes to $10,000
and the interest deduction for a home mortgage to the first $500,000
worth of a loan. [...] On the business side, it reduces the corporate
tax from 35% to 20% and establishes a 'territorial' tax system that
would exempt most income derived overseas from U.S. corporate taxation.
It allows businesses to immediately expense 100% of the cost of assets
acquired and placed into service, and for small businesses it raises the
Section 179 expensing limit to $5 million for five years. It also
establishes a 25% rate for a portion of pass-through business income
that would otherwise have to be paid at the ordinary individual tax
level, and for small businesses where an individual would receive less
than $150,000 in pass-through income it taxes the first $75,000 of
that income at a 9% rate." The vote was on passage. The House passed the
bill by a vote of 227 to 205. President Trump later signed an amended
version of the bill into law. [House Vote 637,
11/16/17; Congressional
Quarterly, 11/15/17;
Congressional Actions, H.R.
1]