2017: Schweikert Voted For The House GOP's 2017 Tax Reform Plan Which Significantly Cut Taxes For The Rich And Corporations And Repealed The Tax Deduction For Alimony.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, Schweikert 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: Schweikert 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, Schweikert 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: Schweikert 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, Schweikert 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: Schweikert 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, Schweikert 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: Schweikert 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, Schweikert 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: Schweikert 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, Schweikert 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: Schweikert Voted For The Final Version Of Trump's Tax Reform Plan, Which Substantially Cut Taxes For Rich Americans And Corporations. In December 2017, Schweikert 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: Schweikert 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, Schweikert 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: Schweikert 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, Schweikert 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: Schweikert Voted For 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, Schweikert voted for 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: Schweikert Voted For 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, Schweikert voted for 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: Schweikert Voted For 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, Schweikert voted for 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]
2015: Schweikert Voted To Cap The Dividend Tax Rate At 15%, Below Top The 20% Rate As Part Of The FY 2016 Republican Study Committee Budget Resolution. In March 2015, Schweikert voted for eliminating the Estate Tax. According to Congressional Quarterly, the budget, "outlines guidance for tax reform, including stating that taxes should be revenue neutral based on dynamic scoring; that the current seven tax brackets should be simplified and collapsed into two, with a top rate of 25%; that the alternative minimum tax be repealed; that the dividend tax rate be capped at 15%; and that we move to a competitive international system of taxation." The underlying budget resolution would have, according to Congressional Quarterly, "provide[d] for $2.804 trillion in new budget authority in fiscal 2016, not including off-budget accounts. The substitute would call for reducing spending by $7.1 trillion over 10 years compared to the Congressional Budget Office baseline." The vote was on the substitute amendment to a Budget Resolution. The House rejected the amendment by a vote of 132 to 294. [House Vote 138, 3/25/15; Congressional Quarterly, 3/25/15; Congressional Quarterly, 3/25/15; Congress.gov, H. Amdt. 83; Congressional Actions, H. Con. Res. 27]
2014: Schweikert Voted To Reduce High-Income Tax Payers' Long-Term Capital Gains Tax Rate And Dividend Tax Rate From 20 Percent To 15 Percent. In April 2014, Schweikert voted for the Republican Study Committee's proposed budget resolution for fiscal years 2015 to 2024. According to the Republican Study Committee, "This budget calls on the Ways and Means Committee to issue a tax reform draft that conforms to the following parameters: [...] Reduces the rate of double taxation by lowering the top corporate rate to 25 percent and setting a maximum long-term capital gains tax rate at 15 percent. Sets a maximum dividend tax rate at 15 percent." According to the Charles Schwab website, the current tax rate on long-term capital gains and dividends income over $406,750 for single filers ($457,600 for joint returns) is 20 percent, below that, the rates are 15 percent. The House considered the RSC budget as a substitute amendment to House Republicans' FY 2015 budget resolution; the amendment was rejected by a vote of 133 to 291. [House Vote 175, 4/10/14; Republican Study Committee, 4/7/14; Charles Schwab website, Viewed 8/8/14; Congressional Actions, H. Amdt. 615; Congressional Actions, H. Con. Res. 96]
2013: Schweikert Voted For FY 2014 Ryan Budget, Which Consolidated The Individual Income Tax Brackets Down To Two, With One At 10 Percent And The Other At 25 Percent. In March 2013, Schweikert voted for House Budget Committee Chairman Paul Ryan's (R-WI) proposed budget resolution covering fiscal years 2014 to 2023. According to the House Budget Committee, the budget would "Substantially lower tax rates for individuals, with a goal of achieving a top individual rate of 25 percent. [...] Consolidate the current seven individual-income-tax brackets into two brackets with a first bracket of 10 percent." The resolution passed the House by a vote of 221 to 207, but died in the Senate. [House Vote 88, 3/21/13; House Budget Committee, 3/12/13; Congressional Actions, H. Con. Res. 25]
The Tax Policy Center Estimated That Ryan's Specific Tax Proposals Would Raise The After-Tax Income Of The Middle 20 Percent Of Income Earners By 1.9 Percent. According to a Tax Policy Center estimate, the middle quintile of income earners (by cash income percentile) would see their after-tax income increase by 1.9 percent in 2015 due to the examined tax proposals from the Ryan budget. [Tax Policy Center, 3/15/13]
The Tax Policy Center Estimated That Ryan's Specific Tax Proposals Would Raise The After-Tax Income Of The Top 1 Percent Of Income Earners By 17.4 Percent. According to a Tax Policy Center estimate, the top 1 percent of income earners (by cash income percentile) would see their after-tax income increase by 17.4 percent in 2015 due to the examined tax proposals from the Ryan budget. [Tax Policy Center, 3/15/13]
The Tax Policy Center Estimated That Ryan's Specific Tax Proposals Would Raise The After-Tax Income Of The Top Tenth Of A Percent Of Income Earners By 20.2 Percent. According to a Tax Policy Center estimate, the top tenth of a percent of income earners (by cash income percentile) would see their after-tax income increase by 20.2 percent in 2015 due to the examined tax proposals from the Ryan budget. [Tax Policy Center, 3/15/13]
Tax Policy Center Analysis Included Other Specified Tax Proposals In Ryan Budget, Including Lowering The Corporate Income Tax Rate To 25 Percent, Repealing The Alternative Minimum Tax, And Repealing The ACA's High-Income Surtaxes And Medical Deduction Floor Increase. According to the Tax Policy Center, the examined "[p]roposal would eliminate the alternative minimum tax; reduce the 15 percent statutory rate to 10 percent; reduce all statutory rates over 25 percent to 25 percent (the resolution's goal is a top rate of 25 percent); reduce the corporate tax rate to 25 percent; and repeal the taxes in the 2010 health reform law. For the latter, this table includes the effects of repealing: the 0.9 percent additional tax on earnings; the 3.8 percent additional tax on investment income; and the increase in the AGI floor to 10 percent for deductible medical expenses. It does not include repealing: the health insurer excise tax; the excise tax on high-premium insurance plans; employer penalties; and the premium assistance credit." [Tax Policy Center, 3/15/13]
Tax Policy Center Estimates Of Ryan's Budget Assumed That The 15 Percent Bracket Would Be Reduced To 10 Percent And The Brackets Above 25 Percent Would Be Reduced To 25 Percent. Tax Policy Center estimates of Ryan's budget "assume that the 15 percent bracket would be reduced to 10 percent and that all brackets above 25 percent would be reduced to 25 percent." [Tax Policy Center, 3/15/13]
The Tax Policy Center Determined That The Specified Tax Proposals They Analyzed Would Add $5.7 Trillion To The Deficit Over 10 Years. According to the Tax Policy Center, the total of all examined tax proposals in Ryan's budget would reduce revenue by $5.741 trillion between 2014 and 2023. [Tax Policy Center, 3/15/13]
While Ryan's FY 2014 Tax Reform Proposal Was Identical To His FY 2013 Proposal, Its Cost Was Higher Than It Had Been Because Tax Rates On The Wealthy Had Increased At The Beginning Of 2013. According to Forbes, "When Ryan introduced his FY 2013 budget, it contained an identical vision for tax reform. And in response, the Tax Policy Center crunched the numbers and determined that reducing the rates to 10% and 25%, as Ryan proposes, would cost the government $4.5 trillion in tax revenue over a 10 year period. Keep in mind, this was when the maximum rate was 35%; now that the top rate has climbed to 39.6%, the forgone revenue would be greater." [Forbes, 3/12/13]
2013: Schweikert Voted To Allow Taxpayers To Choose Between The Current Tax System And Two Bracket Tax System. In March 2013, Schweikert voted to support allowing taxpayers to choose between two different tax systems, as part of the Republican Study Committee's proposed budget resolution covering fiscal years 2014 to 2023. According to the Republican Study Committee, "The legislation gives taxpayers the choice of staying with the current tax code, or switching to a simple, flatter, and fairer system.." The vote was on an amendment to the House budget resolution replacing the entire budget with the RSC's proposed budget; the amendment failed by a vote of 104 to 132 with 171 Democrats voting present. According to Congressional Quarterly, "Repeating a strategy from last year, 171 Democrats voted "present" to push Republicans to vote against the RSC plan to make sure it did not have enough support to replace the Ryan plan." [House Vote 86, 3/21/13; Republican Study Committee, 3/18/13; Congressional Quarterly, 3/25/13; Congressional Actions, H. Amdt. 35; Congressional Actions, H. Con. Res. 25]
The New Tax System Would Have Two Rates, 15 And 25 Percent. According to the Republican Study Committee, "The new optional tax system would have Just two rates -15 percent (first $50,000 taxable income for single filers, $100,000 for joint filers) and 25 percent (taxable income above those amounts)." [Republican Study Committee, 3/18/13]
The New Tax System Would Eliminate All Deductions And Credits Other Than A $12,000 Standard Deduction And $12,000 Deduction Per Dependent. According to the Republican Study Committee, "The new optional tax system would have [...] [a] standard deduction of $12,500 for single filers, and $25,000 for joint filers; • An additional deduction of $12,500 for each dependent; and • No other individual deductions or credits or exclusions." [Republican Study Committee, 3/18/13]
The New Tax System Would Tax Investment Income At 15 Percent. According to the Republican Study Committee, "The new optional tax system would have [...] Top Rate of 15 percent on investment income for all taxpayers." [Republican Study Committee, 3/18/13]
2017: Schweikert 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, Schweikert 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]
2014: Schweikert Voted To Reduce The Number Of Individual Income Tax Brackets To Two, With A Top Tax Rate Of 25 Percent. In April 2014, Schweikert voted for the Republican Study Committee's proposed budget resolution for fiscal years 2015 to 2024. According to the Republican Study Committee, "This budget calls on the Ways and Means Committee to issue a tax reform draft that conforms to the following parameters: Aims for revenue neutrality (relative to the CBO baseline revenue projection) based on a dynamic score that takes into account macroeconomic effects. Simplifies the individual rates from seven brackets to two, with a top rate of 25 percent. Simplifies the tax code by ensuring that fewer Americans will be required to itemize their deductions." The House considered the RSC budget as a substitute amendment to House Republicans' FY 2015 budget resolution; the amendment was rejected by a vote of 133 to 291. [House Vote 175, 4/10/14; Republican Study Committee, 4/7/14; Congressional Actions, H. Amdt. 615; Congressional Actions, H. Con. Res. 96]