The Republican Donor Relief and Enrich the Rich Bill passed both the Senate and House. Congresswoman Blunt Rochester issued the following statement after her NO vote.
“The American people were promised a tax reform plan that would simplify our tax system, promote economic growth, and keep our nation’s deficit under control. Unfortunately, that’s not what the Ryan-McConnell tax plan does,” said Congresswoman Blunt Rochester. “Instead, this bill makes the tax code more complex with carve-outs and loopholes for Washington special interests and forces the middle-class to pay for tax cuts for the wealthy and large corporations, while mortgaging our nation’s fiscal future by adding $1.5 trillion to the deficit. I voted against this bill because it’s a bad deal for Delaware and the American people.”
“When you take a closer look at the Ryan-McConnell plan, it also has stark consequences for health care in our country. Their plan increases the number of uninsured Americans by 13 million and would cut Medicare by $25 billion to pay for a tax cut for the wealthiest among us. Republicans chose to negotiate behind closed doors, without input from the American people, and they produced a flawed product that jeopardizes people’s health care, raises middle class taxes in the long-term, and fails to create an environment for small businesses to grow and thrive.”
Senators Tom Carper and Chris Coons haven’t released full statements yet this morning as the Senate vote was early early this morning, but their tweets tell the tale:
One last reminder that this is a very bad bill.
Unless you're a corporation or one of the wealthiest people in the country.
But if you're not, this is a very bad bill, and it's about to become the law of the land. https://t.co/QyGSdBtVIp
— Senator Chris Coons (@ChrisCoons) December 20, 2017
I look at any tax proposal through a prism of 4️⃣ questions:
1️⃣ Is it fair?
2️⃣ Does it foster economic growth and job creation?
3️⃣ Does it simplify the tax code, or make it more complicated?
4️⃣ Is it fiscally responsible?The #GOPTaxPlan fails each of those tests.
— Senator Tom Carper (@SenatorCarper) December 19, 2017
SENATE VOTES
Grasz Nomination – Confirmation – Vote Confirmed (50-48, 2 Not Voting)
The Senate confirmed Leonard S. Grasz to be U.S. Circuit Judge for the Eighth Circuit.
Sen. Thomas Carper voted NO
Sen. Chris Coons voted NO
Willett Nomination – Confirmation – Vote Confirmed (50-47, 3 Not Voting)
The Senate confirmed Don R. Willett to be U.S. Circuit Judge for the Fifth Circuit.
Sen. Thomas Carper voted NO
Sen. Chris Coons voted NO
Ho Nomination – Confirmation – Vote Confirmed (53-43, 4 Not Voting)
The Senate confirmed James C. Ho to be U.S. Circuit Judge for the Fifth Circuit.
Sen. Thomas Carper voted NO
Sen. Chris Coons voted NO
Republican Donor Relief and Enrich the Rich Bill – Vote Passed (51-48, 1 Not Voting)
The conference report on the bill would significantly cut corporate and individual taxes and seek to simply the tax code, although most individual tax provisions would expire after 2025. It would reduce the corporate tax from 35 percent to 21 percent and reduce taxation of so-called pass-through businesses where profits are taxed at the individual rate. For corporate taxes, it also would establish a territorial tax system that exempts most overseas income from U.S. taxation. Most individual tax rate rates would be reduced, including by dropping the top rate from 39.6 percent to 37 percent, and it would eliminate personal exemptions but nearly doubles the standard deduction so fewer taxpayers will itemize deductions. For those who do itemize, mortgage interest could be deducted on up to $750,000 of a home loan, and up to $10,000 in state and local income and property taxes could be deducted. It also would effectively repeal the 2010 health care laws individual mandate to help pay for the measure’s tax cuts, and it would allow oil and gas drilling in the Arctic National Wildlife Refuge in Alaska. The measures net tax cuts would add almost $1.5 trillion to federal deficits over 10 years.
Sen. Thomas Carper voted NO
Sen. Chris Coons voted NO
HOUSE VOTES
Mortgage Lender Escrow Requirement Exemption – Vote Passed (294-129, 8 Not Voting)
The House passed the bill that would exempt lenders with assets of $10 billion or less from the 2010 financial regulatory overhaul requirement that such lenders establish escrow accounts for the first five years of so-called “high-priced” mortgage loans, if the lenders hold the loan on its own balance sheet for three years after the loan is made.
Rep. Lisa Blunt Rochester voted NO
Iranian Asset Report Requirement – Vote Passed (289-135, 7 Not Voting)
The House passed the bill that would require the Treasury Department to report to Congress on assets held in U.S. and foreign financial institutions that are under direct or indirect control certain high ranking Iranian officials, and how sanctions may be used to prevent the funds from being used to contribute to the continued development of ballistic missile technology by Iran.
Rep. Lisa Blunt Rochester voted NO
Republican Donor Relief and Enrich the Rich Bill – Vote Passed (227-203)
The conference report on the bill would significantly cut corporate and individual taxes and seek to simply the tax code, although most individual tax provisions would expire after 2025. It would reduce the corporate tax from 35 percent to 21 percent and reduce taxation of so-called pass-through businesses where profits are taxed at the individual rate. For corporate taxes, it also would establish a territorial tax system that exempts most overseas income from U.S. taxation. Most individual tax rate rates would be reduced, including by dropping the top rate from 39.6 percent to 37 percent, and it would eliminate personal exemptions but nearly doubles the standard deduction so fewer taxpayers will itemize deductions. For those who do itemize, mortgage interest could be deducted on up to $750,000 of a home loan, and up to $10,000 in state and local income and property taxes could be deducted. It also would effectively repeal the 2010 health care laws individual mandate to help pay for the measure’s tax cuts, and it would allow oil and gas drilling in the Arctic National Wildlife Refuge in Alaska. The measures net tax cuts would add almost $1.5 trillion to federal deficits over 10 years.
Rep. Lisa Blunt Rochester voted NO
Privacy Notice Requirement Exemption – Vote Passed (275-146, 10 Not Voting)
The House passed the bill that would exempt vehicle financial companies that have not changed their privacy policies, including companies that share or sell information on consumers to unaffiliated third parties, from the requirement that such companies provide annual written privacy notices to consumers.
Rep. Lisa Blunt Rochester voted NO
Iranian Aircraft Purchase Transactions – Vote Passed (252-167, 12 Not Voting)
The House passed the bill that would require the Treasury secretary to report to Congress on any U.S. or foreign financial institutions that are involved in financing the purchase or export of aircraft on behalf of Iran, and to certify that such transactions pose no money-laundering or terrorism-financing risk.
Rep. Lisa Blunt Rochester voted NO
UPCOMING VOTES
Newstead Nomination – PN914
The Senate is expected to vote on the nomination of Jennifer Gillian Newstead to be legal adviser at the State Department.
Compton Nomination – PN514
The Senate will vote on the nomination of J. Paul Compton, Jr to be general counsel of the Housing and Urban Development Department.
West Nomination – PN555
The Senate will vote on the nomination of Owen West to be assistant secretary of Defense.
Defense-Continuing Appropriations-Childrens Health Funding – HR1370
The Senate-passed version of the bill will be further amended with legislative text that would provide full funding for Defense Department through the end of fiscal 2018 while appropriating money for the rest of the federal government for just one month, through Jan. 19, 2018, by extending the current continuing resolution. It also would fund the Children’s Health Insurance Program (CHIP) for five years and Community Health Centers and several other health programs for two years. It also would provide $2.1 billion for continuing operations of the Veterans Choice Program.
Required Reviews of Large Banks – HR3312
The bill would modify the 2010 financial regulatory overhaul law to eliminate the requirement that bank holding companies with assets greater than $50 billion be automatically subjected to enhanced supervision and standards, and it would require the Federal Reserve to instead make such designations based on other factors, such as a banks activities and relationships.
Proxy Advisory Firms – HR4017
The bill aims to improve transparency in the public company proxy shareholder advisory system to enhance shareholder access to investment information by requiring proxy advisory firms to register with the SEC, disclose potential conflicts of interest and whether they have a code of ethics, and make publicly available their methodologies for formulating proxy recommendations and analyses.
Defense-Continuing Appropriations-Childrens Health Funding – HR1370
The Senate-passed version of the bill will be further amended with legislative text that would provide full funding for Defense Department through the end of fiscal 2018 while appropriating money for the rest of the federal government for just one month, through Jan. 19, 2018, by extending the current continuing resolution. It also would fund the Children’s Health Insurance Program (CHIP) for five years and Community Health Centers and several other health programs for two years. It also would provide $2.1 billion for continuing operations of the Veterans Choice Program.
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