House Republicans unveiled the much anticipated “Tax Reform 2.0” legislative package on September 10. The package consists of three separate bills, which focus on individual and small business tax cuts, retirement savings, and business innovation.
Tax Reform 2.0
The Tax Reform 2.0 package includes:
– The American Innovation Bill of 2018 (HR 6756);
– The Family Savings Bill of 2018 (HR 6757); and
– The Protecting Family and Small Business Tax Cuts Bill of 2018 (HR 6760).
The package aims to make permanent the individual and small business tax cuts enacted through 2025 under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97). Additionally, it would create new incentives for retirement savings and business innovation (TAXDAY, 2018/09/07, C.1).
“Now it’s time to change the culture in Washington where we only do tax reform once a generation,” House Ways and Means Committee Chairman Kevin Brady, R-Tex., said in a September 10 press release. “Now it’s the time to ensure we never let our tax code become so outdated again,” he added.
Meanwhile, Democratic lawmakers are criticizing House Republicans’ Tax Reform 2.0 efforts. “With this second attempt at major tax legislation, congressional Republicans have doubled down on their initial tax scam and are yet again putting the wealthiest, most privileged Americans ahead of average, hardworking families,” Ways and Means ranking member Richard Neal, D-Mass., said in a September 10 statement.
The Ways and Means Committee is expected to hold a markup of the Tax Reform 2.0 package on Thursday, September 13. The measure will reach the House floor for a full chamber vote by the end of September, according to House Speaker Paul Ryan, R-Wis.
By Jessica Jeane, Senior News Editor
HR 6756, American Innovation Act of 2018
HR 6757, Family Savings Act of 2018