More Tax Benefits for the Wealthy
Rep. Michael Capuano (D-MA) writes:
The House considered H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018. The Joint Committee on Taxation has determined that this fiscally irresponsible legislation will add more than $600 billion to the deficit over ten years. Portions of this bill won’t go into effect until 2026. At that point, the Tax Policy Center concludes it will ultimately increase the deficit by over $3 trillion in the ten years after its implemented. H.R. 6760 makes some of the provisions from last year’s tax package permanent. Some of them primarily benefit the wealthy, such as the doubling of the estate tax exemption and lowering taxes on “pass-through” business income. Other provisions that this bill makes permanent increase tax burdens on the middle class. These include capping both the mortgage interest deduction and the state and local taxes deduction, both of which are important deductions for middle class families and they particularly impact those in states, like Massachusetts, where housing costs are high.
Tom Reed voted in favor.