MORGANTOWN, W.Va. — Referencing lawmakers’ efforts earlier this year to repeal and replace former President Barack Obama’s health care law, U.S. Rep. David McKinley, R-W.Va., said he hopes there can be a discussion and momentum toward the final tax overhaul bill.
“(The House of Representatives) passed it out early so we could get it to the Senate, and we’re hoping that we can continue and that it will go into conference. The president (Donald Trump) and the House and Senate all want to have this wrapped up by Christmas so that next year during 2018, people will be able to see more money in their pocketbooks,” McKinley said on Monday’s MetroNews “Talkline.”
McKinley was one of 227 House Republicans who voted for the Tax Cuts and Jobs Act, which would consolidate the personal income tax brackets to four and lower the corporate tax rate to 20 percent. It would also nearly double the standard deductible and eliminate deductions on state and local taxes, student loans and medical expenses.
West Virginia Republican Reps. Alex Mooney and Evan Jenkins also voted for the legislation.
McKinley said once the House of Representatives passed its health care bill in May, the conversation died. The final blow, he noted, was when Sen. John McCain, R-Ariz., voted against the Senate’s “skinny repeal” of the current health care law in July.
“I think the public wants to see more debate on this,” he added.
McKinley told “Talkline” host Hoppy Kercheval people would benefit by having extra money to spend, contributing to economic activity and growth in the process.
“How much money is going to be spent if corporations are able to save money, or you and I are able to save $4,000?” McKinley said. “I’m not going to put it in my pocket. I’m going to spend it in some fashion.”
The U.S. Congressional Budget Office previously reported the deficit would increase by $1.5 trillion dollars from 2018 to 2027 if the House tax proposal became law. McKinley said that number does not account for people spending the money.
“Statically, Washington assumes you put that money in the bank or in your pocket and never spend it,” McKinley said. “But if you go out and spend $4,000, you now go over to that dynamic area that has an impact on the economy.”
Mooney took part in a roundtable with several business leaders Monday at the West Virginia Chamber of Commerce office in Charleston. Mooney said while there are still questions about what will be included in the final proposal, he is hopeful he can vote on a final proposal from a legislative conference committee.
The Senate Finance Committee passed the chamber’s tax bill on Thursday. The full body is expected to vote on its tax plan after Thanksgiving.
The nonpartisan Tax Policy Center reported Monday the Senate plan would reduce taxes “on average for all income groups in both 2019 and 2025,” though taxes would increase for 50 percent of Americans because of the expiration of changes to the tax code.