{"id":102362,"date":"2017-12-20T17:26:05","date_gmt":"2017-12-21T00:26:05","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/colorado-republicans-tout-tax-plan-as-it-heads-to-presidents-desk\/"},"modified":"2017-12-20T17:26:05","modified_gmt":"2017-12-21T00:26:05","slug":"colorado-republicans-tout-tax-plan-as-it-heads-to-presidents-desk","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/colorado-republicans-tout-tax-plan-as-it-heads-to-presidents-desk\/","title":{"rendered":"Colorado Republicans tout tax plan as it heads to president\u2019s desk"},"content":{"rendered":"\n

WASHINGTON \u2013 Colorado Republicans were united in passing the tax reform plan that has been making its way through Congress since November.<\/p>\n

Sen. Cory Gardner, R-Colo., and Rep. Scott Tipton, R-Cortez, voted in favor of the bill, saying tax breaks will put more money in Coloradans\u2019 pockets and encourage faster overall economic growth.<\/p>\n

\"Tipton\"
Tipton<\/span><\/figcaption><\/figure>\n<\/p>

\u201cThis week\u2019s vote to reform our broken tax code is historic, but more importantly, it puts the needs of the American people before special interests,\u201d Tipton said in a prepared statement after the House vote.<\/p>\n

After clearing the House on Tuesday, the bill was blocked from a vote in the Senate because of violations of the Byrd rule, a requirement that allows bills to pass with 51 votes if everything in the law is related to the budget.<\/p>\n

The violations were removed in time for a Senate vote Wednesday morning and a second House vote Wednesday afternoon.<\/p>\n

\"Gardner\"
Gardner<\/span><\/figcaption><\/figure>\n<\/p>

\u201cCongress has finally answered the call to cut taxes and reform the tax code, and I\u2019m proud to help deliver this relief to all of Colorado,\u201d Gardner said in a prepared statement.<\/p>\n

Democrats, including Sen. Michael Bennet, D-Colo., said the new bill<\/a> is a continuation of trickle-down policy that has failed in the past to deliver on promised results.<\/p>\n

\"Bennet\"
Bennet<\/span><\/figcaption><\/figure>\n<\/p>

\u201cThis bill burdens our children with $1.4 trillion in debt to cut taxes for the wealthiest businesses and individuals in America. It\u2019s as if my wife and I lived in our house but then asked our kids to pay the mortgage.\u201d Bennet said in a prepared statement after the Senate voted to pass the bill.<\/p>\n

Republicans said the increase in the debt will be offset by large increases in overall growth, but a report<\/a> from the Joint Committee on Taxation says the bill will still add upwards of $1 trillion after calculating for economic growth.<\/p>\n

The final bill is similar to its earlier incarnations and still contains a large cut to the corporate tax rate, down to 21 percent from 35, in addition to nearly doubling the standard deduction and giving tax breaks to pass-through businesses. Pass-through businesses include many small and locally owned establishments, but also encompasses many law and real-estate firms, including the Trump corporation.<\/p>\n

The final legislation will reduce taxes on all income brackets, with the biggest cut going to high-earners, as well as expand the child tax credit to $2,000.<\/p>\n

The bill also dropped many unpopular measures from earlier versions such as graduate student tax credits and caps on 401(k) retirement plans.<\/p>\n

President Donald Trump is expected to sign the bill into law before Christmas.<\/p>\n

Samuel Northrop is an intern for The Durango Herald and a student at American University in Washington, D.C.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Democrats decry bill as giveaway to wealthy<\/p>\n","protected":false},"author":1,"featured_media":102363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5736,5735],"tags":[1160,23,24,25],"naviga_topic":[],"class_list":["post-102362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","category-news","tag-taxation","tag-u-s-rep-scott-tipton","tag-u-s-sen-cory-gardner","tag-u-s-sen-michael-bennet"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/102362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=102362"}],"version-history":[{"count":0,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/102362\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/102363"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=102362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=102362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=102362"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=102362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}