2017: Fitzpatrick Voted For The House GOP's 2017 Tax Reform Plan Which
Significantly Cut Taxes For The Rich And Corporations And Repealed The
Tax Credit For Plug-In Electric Cars. 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]
Bill Repealed The Tax Credit For Plug-In Electric Cars.
According to the Congressional Quarterly, "The measure retains the
credit for child adoption expenses, but it repeals a number of other
credits, including the credit associated with mortgage credit
certificates, the credit for plug-in motor vehicles, and a credit
for certain individuals who are over the age of 65 or who have
retired on disability." [Congressional Quarterly,
11/15/17]
"There's No Tesla 3, No Bolt, No Leaf In A Market Without
Incentives." According to Bloomberg, 'There's no Tesla 3, no Bolt,
no Leaf in a market without incentives.' If adopted, the repeal
would take effect after the 2017 tax year, according to a summary of
the bill released Thursday by the House Ways and Means Committee as
part of a sweeping overhaul of the U.S. tax code that would
eliminate some deductions and cut the corporate tax rate to 20
percent. The Senate is crafting its own version." [Bloomberg,
11/2/17]