WASHINGTON – U.S. Rep. Scott Tipton expects the Republican plan to reform and cut taxes will add more than 17,000 jobs to Colorado’s economy if it is adopted.

In a statement to The Durango Herald, Kelsey Mix, communications director for Tipton, R-Cortez, wrote that Tipton finds the current tax system outdated and convoluted.

“Congressman Tipton has been encouraged by the projections coming out of the nonpartisan Tax Foundation, which show that the tax plan will bring Colorado as many as 17,520 new jobs and median income households in Colorado will see an average $3,105 increase in their income,” over 10 years, Mix said.

The Congressional Budget Office confirmed House Republicans’ tax plan will meet requirements prohibiting it from costing more than $1.5 trillion over the next decade.

GOP leaders allowed their bill to add approximately that amount to the national debt, but they also claimed losses will be offset by overall economic growth from lowering the corporate tax rate.

After failing to come together earlier this year to repeal the Affordable Care Act, Republicans are hoping they can come together on tax cuts for their first major legislative accomplishment in the Trump era.

The recently advanced Tax Cuts and Jobs Act would replace the existing seven tax brackets with four, nearly double the standard deduction and increase the child tax credit.

The current rate for the highest bracket, 39.6 percent, will remain, but individuals and couples will have to earn significantly more to qualify.

The lowest rate will increase slightly, but most low-income households are expected to be better off because the increases to the standard deduction and child tax credit.

However, not everyone studying the effects of the bill are in agreement.

The Tax Policy Center released a revised report Wednesday saying the bill would reduce taxes for everyone on average, but at least 7 percent of taxpayers would see an increase if the bill passes as is. The report also says the largest cuts will go to wealthy individuals and households.

On Thursday, the Senate released its own plan, and GOP leaders in the Senate expect to release more details Friday. Senate budget rules allow for the bill to be passed with only 51 votes as long as it does not increase the deficit by more than $1.5 trillion after 10 years.

The Senate version differs enough from the House plan that the two chambers will have to work together to sort out their disagreements before a bill will make it to President Trump’s desk.

snorthrop@durangoherald.com. Samuel Northrop is a reporting intern for The Durango Herald and a student of American University in Washington, D.C.