CCAGW Annual Ratings

Tax Overhaul -- Passage


Passage of the bill that would revise the federal income tax system by: lowering individual and corporate tax rates; consolidating the current seven tax income rates into four rates; eliminating the deduction for state and local income taxes; limiting certain deductions for property taxes and home mortgages; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would eliminate personal exemptions and would nearly double the standard deduction. It would raise the child tax credit through 2022, repeal the alternative minimum tax, repeal the estate tax in 2025 and reduce the gift tax rate in 2025. It would establish a new top tax rate for pass-through business income and would modify tax credits related to energy production.

Vote Number: 
House Vote 637
Bill Number: 
HR 1
CCAGW Position: 
Vote Results: 
Passed 227-205 : R 227-13; D 0-192