Tax Reform 2.0 Passes The House
by Kevin Brady on October 10, 2018 at 4:27 PM
House Republicans decided to bet on the American people when we passed the Tax Cuts and Jobs Act - letting families keep more of their hard-earned paychecks and helping small business owners invest in their workers and their company. The results have been incredible -- more jobs, bigger paychecks and historic Main Street optimism -- and we want to keep that momentum going.
Recently, the House passed Tax Reform 2.0 - three pieces of legislation meant to build on the results of the Tax Cuts and Jobs Act. Each bill focuses on a specific way to further help our working families and small business owners, and you can learn more about each one below.
PROTECTING FAMILY AND SMALL BUSINESS TAX CUTS ACT - This first bill will lock in the individual and small business tax cuts, helping families and small businesses thrive. The Tax Foundation has estimated that making these tax cuts permanent will create 1.5 million new jobs and increase GDP over 2%.
FAMILY SAVINGS ACT - This second bill will help more middle-class American families and younger workers save for key life events like retirement, education and unexpected emergencies by expanding access to new and existing savings vehicles. Helping our families save money ensures they are prepared for anything life throws their way.
AMERICAN INNOVATION ACT - This third bill will help entrepreneurs move from the kitchen table to main street and beyond. With a renewed focus on innovation and entrepreneurship, it will help these risk takers create jobs, invest in their communities, and continue strengthening America’s economy.
It's so exciting to be part of changing the culture in Washington. Never again will we wait 30 years to fix our tax code. American companies have to think of new ways to stay competitive every day, and it's time that Congress does everything we can to foster an environment that helps our economy grow, puts working class families first, and allows our U.S. businesses to compete and win around the globe!