Iowa’s two U.S. senators and three Republican members of the House of Representatives voted to approve a tax overhaul bill signed by President Donald Trump last week. The people of this state should now be crystal clear on the priorities of their elected officials.
What do Reps. David Young, Rod Blum and Steve King value? Big corporations, real estate developers, private equity firms and multimillionaires. All will enjoy significant tax cuts under the new tax law.
What don’t these members of Congress value? The federal government, which will be starved of $1.5 trillion in revenue, and individual taxpayers, whose modest breaks are temporary. It seems charities also received a lump of coal in the tax bill.
Philanthropic entities say changes in the law will discourage middle-class Americans from donating by narrowing who qualifies for the charitable tax deduction — a driver of gifts to nonprofits. The benefit allows individuals to avoid paying federal income tax on donations if they itemize deductions on their taxes.