Wisconsin’s Sixth District Congressman in Washington is hoping to change one thing in an upcoming tax bill introduced.
The “One, Big, Beautiful Bill” was introduced on Monday (May 12th) by the US Ways and Means Committee to “build on the success of the 2017 Trump tax cuts and carries out the very policies America voted for.”
Congressman Glenn Grothman said on the WCUB Breakfast Club that the bill includes multiple tax cuts and changes in mandatory spending.
But one thing he wants to look into more is the Low-Income Tax Credits.
“Which do very little to benefit the low-income,” he said. “They primarily benefit the real estate developers who benefit by them. And we got to see what we can do about pairing those back a little bit.”
While the bill should pass with Republicans in control of the US House and Senate, Grothman says there are still some issues to sort out.
He says some members are fighting to make sure state and local income taxes are fully deductible.
He says that while deducting some taxes is okay, if everything were tax-deductible, local and state governments would raise taxes.
“Because every tax cut we have influence behavior in some way or the other,” he described. “I think we want to encourage more research and development by business. We want to encourage more manufacturing in the state. We want to encourage people to have more children.”
Grothman says he would also like to see a tax break for local manufacturers.
According to the Ways and Means Committee, the “One, Big, Beautiful Bill” would make the 2017 Trump tax cuts permanent, create no tax on tips, overtime pay, and car loan interest.
The bill would also increase the university endowment tax and prevent taxpayer benefits from going to any illegal immigrants, and end illegal immigrant eligibility for Affordable Health Act premium tax credits.
More information can be found on the bills page at waysandmeans.house.gov.
