DENVER — The tax reform proposal working its way through Congress has the potential to impact every single person in America.
From corporate tax breaks to changes in income tax levels and deductions, the changes could potentially save or cost you money.
Teachers in Colorado are watching the debate closely.
At stake is a $250 deduction teachers receive for buying supplies each year.
The House-passed version eliminated the deduction, the Senate version would double it.
The uncertainty has those in the education community worried.
“Teachers spend over $500 a year out of their own pockets,” Jean Boylan, owner of Beyond the Blackboard, a teacher supply store in Arvada said.
“It’s so bizarre that they would want to take away a $250 tax deduction on the backs of our teachers — everybody that comes in here just shakes their head,” Boylan added.
Conservatives argue that eliminating popular deductions, like the teacher tax credit, would be made up for by various changes in tax code. For instance the standard deduction will double, the child tax credit will be expanded, and a new family tax credit appears poised for passage.
Republican Senator Cory Gardner weighed in on twitter with why he is endorsing the plan:
I’m excited for the opportunity to bring tax relief to hardworking Coloradans. This is just the beginning of the process & I look forward to working with my colleagues to improve this legislation & make sure it benefits Coloradans. pic.twitter.com/1kZqqgzz6W
— Cory Gardner (@SenCoryGardner) November 9, 2017