House Republicans have passed their tax bill.
Congressman Peter Roskam is taking a victory lap after the most sweeping tax overhaul in decades passed the House.
It was done so over the objection of Democrats. Not one of them voted for the bill.
Roskam is chair of the tax policy subcommittee.
“This plan is a good plan, it offers middle income tax relief, it offers business income tax relief that we’ve been trying to do for years,” he said.
The bill impacts every American household and business.
The plan would cut the corporate tax rate from 35 percent to 20 percent.
Lower the top small business rate from 39.6 percent to 25 percent.
And help “mom and pops” businesses with a 9 percent rate on the first $75,000 in income.
For individuals, taxes are simplified with just four brackets; 12 percent, 25 percent, 35 percent and 39.6 percent.
It also ends or reduces numerous individual itemized deductions.
“If all you were doing was just changing those deductions then someone would be right in that characterization but that’s not all we’re doing,” Roskum said. “There’s tax relief throughout all of the rates. “
Democrats are on the attack. They say a married couple with two children living in Roskam’s district making $50,000-$75,000 annually would see a tax increase of about $1,100.
Roskam says Democrats are not looking at the bill as a whole.
“We’ve looked at the numbers and it actually comes down to an average family in this district based on medium income with two children is going to be getting a $5,000 tax break,” he said. “To presume that you can live in Wayne on $50,000 or $60,000 suggests that they don’t know Wayne, Illinois very well.”
Analysis of the bill shows it would add $1.4 trillion to the county’s deficit.
Several Democrats are running for Roskam’s seat in 2018, and veteran political watchers now rate his district is a toss-up. Roskam says he’s ready for the fight. We asked him if he’d accept President Trump’s help.
“I would have to be very careful before I invite the president in on my behalf,” he said.
The Senate has its own tax bill and they will have to pass it and then the House will have to sign off. Roskam hopes to be part of that process which is called reconciliation. A lot of people are worried about changes to deductions for student loans and teachers supplies.
You can watch the full interview with Roskam in the video players below.