This week my committee, the House Ways and Means Committee, released the new Tax Reform 2.0 legislation that we have been working on to ensure key provisions of the Tax Cuts and Jobs Act is made permanent.
Similar to the Tax Cuts and Jobs Act, Tax Reform 2.0 will lock in tax cuts for middle-class families and small businesses. Data shows that a middle income family of four in our district will see a $2,392 tax cut. By continuing to work on tax reform, we will ensure our tax code will never fall behind global competitors again.
On Thursday the committee hosted a six hour mark-up to get the legislation rolling. During the mark-up three pieces of legislation were considered. To listen to me speak during the committee mark-up, follow this link.
H.R. 6760 Protecting Families and Small Business Tax Cuts Act of 2018: This legislation would make the individual and small business tax cuts permanent, as they are now set to dissolve in 2025.
H.R. 6757 Family Savings Act of 2018: Helping to expand access to savings vehicles and helps local businesses expand their ability to provide retirement plans for their employees as well as have better access for employees to use those retirement plans.
H.R. 6756 American Innovation Act of 2018: This legislation will support new ventures by supporting their start-up costs and capital that is incurred when opening to create innovation.