Iowa’s delegation reacts to tax reform bill …
BUSINESS RECORD STAFF Dec 20, 2017 | 9:12 pm
3 min read time
707 wordsAll Latest News, Government Policy and LawAs you can imagine, Sen. Chuck Grassley thinks a lot more of the newly passed tax plan than Rep. Dave Loebsack — the only Democrat in Iowa’s congressional delegation.
“This historic legislation makes good on a promise to deliver tax relief to Americans from every walk of life and income level,” Grassley said in a statement. “Its passage is good news for working families, U.S. jobs and industry and an economy that was stagnant for far too long. It will let Iowans keep more of their own money, so they can choose how best to spend what they’ve earned. Wages will also grow and jobs will return to our shores as a result of making American industry and workers more globally competitive.”
Grassley responded to many critics who have said the bill helps the rich and hurts the middle class.
“There have been some misconceptions about what this legislation does, which ideological opponents of lower taxes have helped sow,” Grassley said. “Iowans should rest assured they will begin seeing more in their take home pay almost immediately, and that will continue for years to come. This tax reform legislation lowers rates on every income level, and the progressivity of the tax code is maintained, ensuring that Iowans of all stripes will share the benefits of tax reform, and no one group is treated unfairly.”
Grassley said an average family of four, including two children, would see a tax cut of more than $2,000.
He noted the bill also removed the Obamacare mandate that people buy health insurance. He called the penalty for those who didn’t sign up a tax on middle-class families. “I’m glad to see it gone.”
Loebsack had a significantly different view of the GOP tax bill, which will be President Donald Trump’s first major victory in Congress.
“The Ryan-McConnell tax plan that passed today will hurt too many Iowans,” Loebsack said in a statement. “Congress should have done a better job fighting for Iowa’s working families and providing relief for small businesses. Instead of increasing take home pay for all middle class families, the Ryan-McConnell plan focuses on slashing taxes for millionaires, billionaires and corporations. All of this is laying the groundwork to cut Medicare and Social Security, gutting the benefits seniors have earned after a lifetime of work. It’s just wrong.”
Loebsack said he considers changes that cut taxes for the wealthy the wrong way to boost the economy.
“In order to truly get the economy going we must reward hard work and incentivize and encourage companies to invest in jobs in Iowa and not ship them overseas,” Loebsack said. “As a father and grandfather, I strongly believe we also must address our nation’s debt in a reasonable way, not on the back of seniors, the middle class and hardworking families. Finally, it is fundamentally wrong that corporations and the wealthy, which already don’t pay their fair share in taxes, will receive new, special tax breaks at the expense of too many hardworking Iowans and future generations.”
Related:
— Sen. Joni Ernst praised the bill, which includes language she co-sponsored that would offer U.S. investors a temporary capital gains deferral if they invest capital in distressed communities.
— Congressman Steve King: “The Tax Cuts and Jobs Act is a welcome gift to everyone who believes Americans should be allowed to keep more of their hard earned money. I look forward to Iowans enjoying the jobs and income growth that will result from this bill over the coming years.”
— Congressman Rod Blum: “I am very confident that increased economic activity will pay for this $1.5 trillion tax cut. Just as they did in the sixties and again in the eighties after the Kennedy and Reagan tax cuts — revenues to the federal government will increase.”
— Congressman David Young: “Many folks are pointing to comments made by Republican leaders who said they want to focus on entitlement reform next year as evidence Republicans are coming after Social Security and Medicare funding. Again, this is simply not true. I am committed to keeping the promise this country made to folks who paid into these programs and to ensuring seniors and those at risk have security in their retirement and access to affordable health care.”