2017: Schweikert Voted For The House GOP's 2017 Tax Reform Plan Which Significantly Cut Taxes For The Rich And Corporations And Reduced The Size Of The State And Local Tax 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]
Bill Eliminated The Deduction For State And Local Income Taxes And Capped The Overall State And Local Tax Deduction At $10,000 For Property Taxes. According to Congressional Quarterly, "State & Local Deduction --- Eliminates deductions for state and local income taxes and caps the deduction for state or local property taxes at $10,000." [Congressional Quarterly, 11/15/17]
Washington Post: "Blue States Will Be Hit Hardest By GOP Tax Plan's Limits On Deductions." According to the Washington Post, "Blue states will be hit hardest by GOP tax plan's limits on deductions. The GOP tax plan's changes to deductions would hit people in blue states hard, with limits on popular tax deductions that would have the biggest effects on people with high property taxes and expensive homes. [...] The deduction of state and local property taxes would be capped at $10,000, and state and local income and sales taxes could no longer be deducted. [...] Both of the limits introduced in the tax plan are targeted at deductions popular in blue states. 'If you live in New York City, where you pay high taxes and where the cost of housing is pretty high, this is a double whammy,' said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center. [...] The deduction for state and local property taxes is also more commonly used in blue states --- although high-income taxpayers who pay the alternative minimum tax are already barred from taking advantage of the property tax deduction." [Washington Post, 11/2/17]
2015: Schweikert Voted To Permanently Extend The State And Local Sales Tax Deduction. In April 2015, Schweikert voted for a bill that permanently extended the ability to deduct state and local sales taxes. According to Congressional Quarterly, the legislation would have "ma[d]e permanent the ability of taxpayers to deduct state and local sales taxes in lieu of state and local income taxes, which expired at the end of 2014. The measure would be effective for tax years beginning with 2015." The vote was on the bill. The House passed the bill by a vote of 272 to 152. The Senate never acted on the bill, but the tax deduction was permanently extended in the December 2015 Omnibus. [House Vote 159, 4/16/15; Congressional Quarterly, 4/16/15; Congressional Quarterly, 12/16/15; Congressional Actions, H.R. 2029; Congressional Actions, H.R. 622]
2015: Schweikert Voted For Extending Permanently State And Local Sales Tax Deduction As Part Of A Larger Tax Extender Passage. In December 2015, Schweikert voted to extend permanently the state and local sales tax deduction. According to Congressional Quarterly, the legislation would have "ma[de] permanent the ability of taxpayers to deduct state and local sales taxes in lieu of state and local income taxes. JCT estimates this would cost $42.4 billion over 10 years." The underlying measure would "retroactively [renew] for the current 2015 tax year most of the expired provisions and further extends them for varying periods, including by making more than a dozen permanent and extending most others for two years (2015 and 2016)." The vote was on concurring in the Senate amendment to the bill with an amendment. The House passed the amendment by a vote of 318 to 109. The legislation was later combined with an Omnibus appropriations bill. The Senate passed the larger measure and the president signed it. [House Vote 703, 12/17/15; Congressional Quarterly, 12/16/15; Congressional Actions, H.R. 2029]