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Significantly Cut Taxes For The Rich And Corporations And Repealed The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 Deduction For Alimony. 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]
2017: Fitzpatrick Voted For The House GOP's 2017 Tax Reform Plan Which
Significantly Cut Taxes For The Rich And Corporations And Modified The
Carried Interest Deduction. 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]
Legislation Modified, But Does Not Eliminate, The Carried Interest
Loophole By Required Assets Be Held For Three Years Instead Of Just
One. According to Congressional Quarterly, "Carried Interest ---
The bill modifies the so-called 'carried interest rule,' which
allows private equity and hedge fund managers to be taxed on certain
income at the lower capital gains rate rather than at the individual
tax rate for ordinary income. Specifically, it requires that for
preferential capital gains treatment the asset must be held for at
least three years, instead of only one." [Congressional Quarterly,
11/15/17]
During The 2016 Presidential Campaign, Trump Was In Favor Of
Closing This Loophole. According to the New York Times, "During
the presidential campaign, Mr. Trump called for closing the
loophole. He called hedge fund managers 'paper pushers' who were
'getting away with murder' partly because of measures including the
carried-interest provision that he said allowed them to shield their
wealth and to minimize their tax burdens." [New York Times,
11/3/17]
2017: Fitzpatrick Voted For The Final Version Of Trump's Tax Reform
Plan, Which Substantially Cut Taxes For Rich Americans And Corporations,
And Changed The Rate Of Inflation For The Individual Tax Rate To The
Chained-CPI. In December 2017, Fitzpatrick voted for the Tax Cut and
Jobs Act, also known as Trump's tax reform bill. According to
Congressional Quarterly, "This Conference Summary deals with the
conference report on HR 1, Tax Cuts and Jobs Act, which the House will
consider Tuesday. The agreement significantly cuts corporate and
individual taxes and seeks to simply the tax code, although most
individual tax provisions would expire after 2025. It reduces the
corporate tax from 35% to 21% and reduces taxation of so-called
'pass-through' businesses where profits are taxed at the individual
rate. For corporate taxes it also establishes a 'territorial' tax system
that exempts most overseas income from U.S. taxation. Most individual
tax rate rates would be reduced, including by dropping the top rate from
39.6% to 37%, and it eliminates personal exemptions but nearly doubles
the standard deduction so fewer taxpayers will itemize deductions." The
vote was on passage. The House passed the bill by a vote of 227 to 203.
The Senate later passed a slightly modified version of the bill, which
the House later agreed to. President Trump later signed an amended
version of the bill into law. [House Vote 692,
12/19/17; Congressional
Quarterly, 12/18/17;
Congressional Actions, H.R.
1]
Bill Changed The Inflation Rate For The Tax Brackets To The
So-Called Chained CPI, Which Grows At A Slower Rate; This Would Lead
To Many Americans Into Joining A Higher Bracket. According to
Congressional Quarterly, "Like both the House and Senate bills, the
agreement changes the manner in which tax brackets are increased
each year to account for inflation and thereby prevent people from
being pushed into higher tax rates as their income grows without an
actual increase in purchasing power. Specifically, the measure
switches to so-called 'chained CPI,' which many economists say
represents a more accurate estimate of inflation because it factors
in consumer substitution of cheaper products. Chained CPI is usually
lower than the current inflationary index used (the CPI-U; the
Consumer Price Index for All Urban Consumers), which means that tax
brackets would not rise as rapidly and more taxpayers may end up in
higher tax rates. Under the measure, new tax brackets each year
would be set by using chained CPI and then rounding down to the next
lowest multiple of $100. And unlike most other individual and
family tax provision, the use of chained CPI would be permanent."
[Congressional Quarterly,
12/18/17]
In 2027, 83 Percent Of The Total Tax Benefit Would Go To The Top
One Percent. According to Tax Policy Center, "In 2027, the overall
average tax cut would be $160, or 0.2 percent of after-tax income
(table 3), largely because almost all individual income tax
provisions would sunset after 2025. On average, taxes would be
little changed for taxpayers in the bottom 95 percent of the income
distribution. Taxpayers in the bottom two quintiles of the income
distribution would face an average tax increase of 0.1 percent of
after-tax income; taxpayers in the middle income quintile would see
no material change on average; and taxpayers in the 95th to 99th
income percentiles would receive an average tax cut of 0.2 percent
of after-tax income. Taxpayers in the top 1 percent of the income
distribution would receive an average tax cut of 0.9 percent of
after-tax income, accounting for 83 percent of the total benefit for
that year." [Tax Policy Center,
12/18/17]
In 2027, 86 Million Americans Would See A Tax Increase.
According to ABC News, "The bill, which carries an estimated $1.5
trillion price tag over 10 years, is not expected to win any
Democratic support. House Minority Leader Nancy Pelosi points to a
new analysis from the non-partisan Tax Policy Center that predicts
86 million people would see a tax increase compared to current law
by 2027, while 83 percent of the anticipated benefits would be
reaped by the wealthiest one percent of taxpayers." [ABC News,
12/19/17]
2017: Fitzpatrick Voted For The House GOP's 2017 Tax Reform Plan Which
Significantly Cut Taxes For The Rich And Corporations And Moved The Tax
Code Inflation Measurement To The Chained CPI. 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]
2021: Fitzpatrick Voted Against Establishing An Additional 5% Tax On
Individuals Earning Over $10 Million And An Extra 3% Tax On Incomes
Over $25 Million. In November 2021, Fitzpatrick voted against the
Build Back Better act which would, according to Congressional Quarterly,
"establish or modify various taxes on corporations and high-income
individuals, including to establish a 15 percent alternative minimum tax
for corporations with an annual income exceeding $1 billion; a one
percent tax on stock buybacks by public companies; and an additional
five percent tax on individual income over $10 million and further
three percent tax on income over $25 million." The vote was on passage.
The House passed the bill by a vote of 220-213. [House Vote 385,
11/19/21; Congressional
Quarterly, 11/19/21;
Congressional Actions, H.R.
5376]
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 Deduction For Most American's Moving Expenses. 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]
2017: Fitzpatrick Voted For The Final Version Of Trump's Tax Reform
Plan, Which Substantially Cut Taxes For Rich Americans And
Corporations. In December 2017, Fitzpatrick voted for the Tax Cut and
Jobs Act, also known as Trump's tax reform bill. According to
Congressional Quarterly, "This Conference Summary deals with the
conference report on HR 1, Tax Cuts and Jobs Act, which the House will
consider Tuesday. The agreement significantly cuts corporate and
individual taxes and seeks to simply the tax code, although most
individual tax provisions would expire after 2025. It reduces the
corporate tax from 35% to 21% and reduces taxation of so-called
'pass-through' businesses where profits are taxed at the individual
rate. For corporate taxes it also establishes a 'territorial' tax system
that exempts most overseas income from U.S. taxation. Most individual
tax rate rates would be reduced, including by dropping the top rate from
39.6% to 37%, and it eliminates personal exemptions but nearly doubles
the standard deduction so fewer taxpayers will itemize deductions." The
vote was on passage. The House passed the bill by a vote of 227 to 203.
The Senate later passed a slightly modified version of the bill, which
the House later agreed to. President Trump later signed an amended
version of the bill into law. [House Vote 692,
12/19/17; Congressional
Quarterly, 12/18/17;
Congressional Actions, H.R.
1]
Tax Rates Would Start At 10 Percent; Top Rate Would Be Reduced To
37 Percent. According to Bloomberg, "Current law: Seven rates,
starting at 10 percent and reaching 39.6 percent for incomes above
$418,401 for singles and $470,701 for married, joint filers.
Proposed: Seven rates, starting at 10 percent and reaching 37
percent for incomes above $500,000 for singles and $600,000 for
married, joint filers. For joint filers: 10 percent: $0 to $19,050
12 percent: $19,050 to $77,400 22 percent: $77,400 to $165,000
24 percent: $165,000 to $315,000 32 percent: $315,000 to
$400,000 35 percent: $400,000 to $600,000 37 percent: $600,000
and above For single filers: 10 percent: $0 to $9,525 12 percent:
$9,525 to $38,700 22 percent: $38,700 to $82,500 24 percent:
$82,500 to $157,500 32 percent: $157,500 to $200,000 35 percent:
$200,000 to $500,000 37 percent: $500,000 and above."
[Bloomberg,
12/15/17]
Bill Would Nearly Double The Standard Deduction, But Eliminate The
Personal Exemptions. According to Bloomberg, "Current law: $6,350
standard deduction for single taxpayers and $12,700 for married
couples, filing jointly. Personal exemptions of $4,050 allowed for
each family member. Proposed: $12,000 standard deduction for single
taxpayers and $24,000 for married couples, filing jointly. Personal
exemptions repealed." [Bloomberg,
12/15/17]
Legislation Increased The Child Tax Credit. According to the
Washington Post, "The current child tax credit is $1,000 per child.
The House and Senate bills expanded the child tax credit, with the
Senate going up to a maximum of $2,000 per child. The final bill
keeps the $2,000-per-child credit (families making up to about
$400,000 get to take the credit), but it also makes more of the tax
credit refundable, meaning families that work but don't earn enough
to actually owe any federal income taxes will get a large check back
from the government. Benefits for those families were initially
limited to about $1,100, but through changes Rubio and Lee pushed
for, it's now up to $1,400." [Washington Post,
12/15/17]
Legislation Increased The Exemption For The Individual AMT.
According to Bloomberg, "Current law: Individual AMT can apply after
exemption level of $54,300 for singles and $84,500 for married,
joint filers, and the exemptions phase out at higher incomes.
Proposed: Increase the exemption to $70,300 for singles and
$109,400 for joint filers. Increase the phase-out threshold to
$500,000 for singles and $1 million for joint filers. The higher
limits would expire on Jan. 1, 2026." [Bloomberg,
12/15/17]
Tax Policy Center: From 2018 -- 2025, Average Taxes Fall For Most
Americans, But By 2027, 53 Percent Of Americans Would Pay More.
According to the Tax Policy Center, "The Tax Policy Center has
released distributional estimates of the conference agreement for
the Tax Cuts and Jobs Act as filed on December 15, 2017. We find the
bill would reduce taxes on average for all income groups in both
2018 and 2025. In general, higher income households receive larger
average tax cuts as a percentage of after-tax income, with the
largest cuts as a share of income going to taxpayers in the 95th to
99th percentiles of the income distribution. On average, in 2027
taxes would change little for lower- and middle-income groups and
decrease for higher-income groups. Compared to current law, 5
percent of taxpayers would pay more tax in 2018, 9 percent in 2025,
and 53 percent in 2027." [Tax Policy Center,
12/18/17]
In 2027, 83 Percent Of The Total Tax Benefit Would Go To The Top
One Percent. According to Tax Policy Center, "In 2027, the overall
average tax cut would be $160, or 0.2 percent of after-tax income
(table 3), largely because almost all individual income tax
provisions would sunset after 2025. On average, taxes would be
little changed for taxpayers in the bottom 95 percent of the income
distribution. Taxpayers in the bottom two quintiles of the income
distribution would face an average tax increase of 0.1 percent of
after-tax income; taxpayers in the middle income quintile would see
no material change on average; and taxpayers in the 95th to 99th
income percentiles would receive an average tax cut of 0.2 percent
of after-tax income. Taxpayers in the top 1 percent of the income
distribution would receive an average tax cut of 0.9 percent of
after-tax income, accounting for 83 percent of the total benefit for
that year." [Tax Policy Center,
12/18/17]
In 2027, 86 Million Americans Would See A Tax Increase.
According to ABC News, "The bill, which carries an estimated $1.5
trillion price tag over 10 years, is not expected to win any
Democratic support. House Minority Leader Nancy Pelosi points to a
new analysis from the non-partisan Tax Policy Center that predicts
86 million people would see a tax increase compared to current law
by 2027, while 83 percent of the anticipated benefits would be
reaped by the wealthiest one percent of taxpayers." [ABC News,
12/19/17]
Most Of The Bill's Tax Cuts For Individuals Are Temporary, But The
Corporate Ones Are Permanent. According to the Washington Post,
"The core of the plan is a massive and permanent cut to the
corporate tax rate, dropping it from 35 percent to 21 percent. The
bill also would cut individual tax rates for all income tax levels.
Families earning less than $25,000 a year would receive an average
tax cut of $60, while those earning more than $733,000 would see
an average cut of $51,000, according to the nonpartisan Tax Policy
Center. Many of the breaks for individuals are set to expire in the
coming years. Republicans set those expiration dates to comply with
Senate limits on how much their legislation could add to the
nation's deficit, and they say a future Congress will extend the
cuts or make them permanent." [Washington Post,
12/20/17]
2017: Fitzpatrick Voted For The House GOP's 2017 Tax Reform Plan Which
Significantly Cut Taxes For The Rich And Corporations; Legislation Moved
The Tax Rates From Seven To Four. 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]
Legislation Alters The Federal Individual Income Tax Structure
From Seven To Four Tax Rates, Including Increasing The Top Rate From
$500,000 To $1,000,000 For An Individual. According to
Congressional Quarterly, "Tax Rate Restructuring --- Reduces and
restructures federal income tax rates by consolidating the seven
current rates into four rates --- 12%, 25%, 35% and 39.6% --- which
would reduce rates for most taxpayers. Under the measure, the 12%
bracket would apply to taxable income up to $45,000 for individuals
and $90,000 for married couples; the 25% bracket to additional
income up to $200,000 for individuals and $260,000 for couples;
the 35% bracket to additional income up to $500,000 for individuals
and $1 million for couples; and the top 39.6% bracket to additional
income above those levels." [Congressional Quarterly,
11/15/17]
Bill Raised The Bottom Rate From The Current 10 Percent To 12
Percent. According to the New York Times, "It would keep the
bottom tax bracket for individuals at 10 percent, which the House
had raised to 12 percent, and would reduce the top rate for high
earners to 38.5 percent, down from the current rate of 39.6 percent,
which the House had maintained. Like the House bill, the Senate's
version plans to roughly double the standard deduction and expand
the child tax credit." [New York Times,
11/9/17]
Bill Includes Permanent Tax Cuts For Corporations, But Not For
Individuals. According to the Washington Post, The essential
gamble of Republican plans to overhaul the tax code is now becoming
clear: Big businesses get a large, permanent tax cut, while American
families receive only temporary tax relief that expires as soon as
2023 in the House bill and 2026 in the Senate bill. In the House
bill, the tax increase would mostly hit moderate and middle-income
families because a credit designed to help them expires after five
years. But in the Senate plan, released late Tuesday, virtually all
Americans would face higher tax rates because the individual income
rate cuts go away entirely in 2026. The tax cuts for corporations do
not expire." [Washington Post,
11/15/17]
Legislation Would Raise Taxes On 36 Million Middle Class
Americans. By 2027 According to the Tax Policy Center via the
Center for American Progress, "In fact, the Tax Policy Center found
that 36 million middle-class and working families nationally would
experience a tax increase under the House tax plan by 2027."
[Center for American Progress,
11/15/17]
By 2027, The Top 1 Percent Would Get 50 Percent Of The Total
Benefit. According to the Tax Policy Center, "In 2027, the overall
average tax cut would be smaller than in 2018, reducing taxes by
about $860 on average, or 0.9 percent of after-tax income (table
2). Taxpayers in the bottom two quintiles of the income distribution
(those with income less than about $55,000) would see little change
in their taxes, with average tax decreases of $50 or less.
Taxpayers in the middle of the income distribution would see a net
tax cut on average and see their after-tax incomes increase 0.5
percent. Taxpayers in the top 1 percent would receive nearly 50
percent of the total benefit; their after-tax income would increase
2.6 percent on average." [Tax Policy Center,
11/13/17]
2017: Fitzpatrick Voted For The House GOP's 2017 Tax Reform Plan Which
Significantly Cut Taxes For The Rich And Corporations; Legislation
Eliminated The Personal Exemptions And Nearly Doubled The Standard
Deduction. 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. [House Vote
637, 11/16/17;
Congressional Quarterly,
11/15/17; Congressional Actions,
H.R.
1]
2017: Fitzpatrick Voted Against The FY 2018 Republican Study Committee
Budget Resolution Which In Part Called For Cutting Taxes By 50 Percent
On Capital Gains, Dividends, And Interest Income. In October 2017,
Fitzpatrick voted against a budget resolution that would in part,
according to Congressional Quarterly, "provide for $2.9 trillion in new
budget authority in fiscal 2018. It would balance the budget by fiscal
2023 by reducing spending by $10.1 trillion over 10 years. It would cap
total discretionary spending at $1.06 trillion for fiscal 2018 and
would assume no separate Overseas Contingency Operations funding for
fiscal 2018 or subsequent years and would incorporate funding related to
war or terror into the base defense account. It would assume repeal of
the 2010 health care overhaul and would convert Medicaid and the
Children's Health Insurance Program into a single block grant program.
It would require that off budget programs, such as Social Security, the
U.S. Postal Service, and Fannie Mae and Freddie Mac, be included in the
budget." The underlying legislation was an FY 2018 House GOP budget
resolution. The House rejected the RSC budget by a vote of 139 to 281.
[House Vote 555,
10/5/17; Congressional
Quarterly, 10/5/17; Congressional
Actions, H. Amdt.
455;
Congressional Actions, H. Con. Res.
71]
2017: Fitzpatrick Voted Against The FY 2018 Republican Study Committee
Budget Resolution Which In Part Called For Replacing The Current Seven
Individual Income Tax Brackets With Three. In October 2017,
Fitzpatrick voted against a budget resolution that would in part,
according to Congressional Quarterly, "provide for $2.9 trillion in new
budget authority in fiscal 2018. It would balance the budget by fiscal
2023 by reducing spending by $10.1 trillion over 10 years. It would cap
total discretionary spending at $1.06 trillion for fiscal 2018 and
would assume no separate Overseas Contingency Operations funding for
fiscal 2018 or subsequent years and would incorporate funding related to
war or terror into the base defense account. It would assume repeal of
the 2010 health care overhaul and would convert Medicaid and the
Children's Health Insurance Program into a single block grant program.
It would require that off budget programs, such as Social Security, the
U.S. Postal Service, and Fannie Mae and Freddie Mac, be included in the
budget." The underlying legislation was an FY 2018 House GOP budget
resolution. The House rejected the RSC budget by a vote of 139 to 281.
[House Vote 555,
10/5/17; Congressional
Quarterly, 10/5/17; Congressional
Actions, H. Amdt.
455;
Congressional Actions, H. Con. Res.
71]
2017: Fitzpatrick Voted Against The American Health Care Act That
Which Would Result In 23 Million Fewer Americans With Health Insurance
By 2026 While Also Cutting Taxes For The Rich. In May 2017,
Fitzpatrick voted against the American Health Care Act which would have
significantly repealed portions of the Affordable Care Act by cutting
Medicaid, cutting taxes on the rich, removing safeguard for pre-existing
conditions and defunding Planned Parenthood. The overall legislation
would have in part, also according to Congressional Quarterly, "ma[d]e
extensive changes to the 2010 health care overhaul law, by effectively
repealing the individual and employer mandates as well as most of the
taxes that finance the current system. It would [have], in 2020,
convert[ed] Medicaid into a capped entitlement that would provide[d]
fixed federal payments to states and end[ed] additional federal
funding for the 2010 law's joint federal-state Medicaid expansion. It
would prohibit federal funding to any entity, such as Planned
Parenthood, that performs abortions and receives more than $350 million
a year in Medicaid funds. [...] It would [have] allow[ed] states
to receive waivers to exempt insurers from having to provide certain
minimum benefits." The vote was on passage. The House passed the bill by
a vote of 217 to 213. The bill, in modified forms, died in the Senate.
[House Vote 256, 5/4/17;
Congressional Quarterly, 5/4/17;
Kaiser Family Foundation,
5/17;
Congressional Actions, H.R.
1628]
Legislation Cut Taxes By $662 Billion, Mostly For The Wealthy.
According to Vox, "The House bill would also cut taxes by $662
billion over the next decade, according to a separate analysis
released Wednesday by the Joint Committee on Taxation, mostly by
repealing Obamacare taxes on the wealthy and health care
industries." [Vox,
5/24/17]
The GOP Bill Repealed The 0.9% Medicare Hospital Insurance
Surtax. According to the House Ways and Means Committee,
"Obamacare imposed a Medicare Hospital Insurance (HI) surtax based
on income at a rate equal to 0.9 percent of an employee's wages or a
self-employed individual's self-employment income. This section
repeals the additional 0.9 percent Medicare tax beginning in 2018."
[House Ways and Means Committee,
3/6/17]
The GOP Bill Repealed The 3.8% Net Investment Tax. According to
the House Ways and Means Committee, "Obamacare imposed a net
investment tax, applying a rate of 3.8 percent to certain net
investment income of individuals, estates, and trusts with income
above certain amounts. This section repeals the net investment tax
starting in 2018." [House Ways and Means Committee,
3/6/17]
2017: Fitzpatrick Voted Against The FY 2018 Congressional Progressive
Caucus's Budget Resolution, Which Among Other Things, Increased Taxes On
The Rich And Corporations And Called For Creating A Public Option In The
ACA's Marketplace. In October 2017, Fitzpatrick voted against an FY
2018 CPC budget resolution. According to Congressional Quarterly, the
resolution would "provide for $3.8 trillion in new budget authority in
fiscal 2018, not including off-budget accounts. It would raise overall
spending by $3.5 trillion over 10 years and would increase revenues by
$8.2 trillion over the same period through policies that would increase
taxes for corporations and high-income individuals. It would repeal the
Budget Control Act sequester and caps on discretionary spending, would
modify the tax code by adding five higher marginal tax rates, would
create a public insurance option to be sold within the current health
insurance exchanges and would call for implementation of comprehensive
immigration overhaul." The amendment was a substitute amendment for the
GOP's FY 2018 budget resolution in part designed to start the process
for tax reform. The House rejected the amendment by a vote of 108 to
314. [House Vote 553,
10/4/17; Congressional
Quarterly, 10/4/17; Congressional
Actions, H. Amdt.
453;
Congressional Actions, H. Con. Res.
71]