House Passes Tax Reform 2.0, Ensuring Economic Gains Are Here to Stay
WASHINGTON, D.C.—Congressman Darin LaHood (IL-18) and the U.S. House of Representatives passed Tax Reform 2.0 today, providing certainty that the economic successes seen by middle class Americans over the past year are here to stay. The three pieces of legislation will make the lowered tax rates in the Tax Cut and Jobs Act permanent for individuals and families, expand retirement savings, and spur innovation for small businesses looking to expand. Congressman LaHood is a cosponsor of all three pieces of legislation.
“House Republicans renewed our commitment to the American taxpayer today with the passage of Tax Reform 2.0, which creates certainty for taxpayers that the economic boom we have seen over the past year in central and west-central Illinois is here to stay. Our pro-growth tax reform has put more money in the pockets of Americans and empowered Main Street businesses to keep jobs here at home. Opponents of tax reform have levied claims that these policies suppress middles class wages and crush small business growth. The facts tell a different story,” stated Rep. LaHood. “Take home pay is up 4.9%. Jobless claims are at a 49-year low. Small business optimism is at a 45-year high. Having met with constituents, small business owners, and community leaders across our District, I have heard firsthand the optimism tax reform has brought to small businesses and families from Adams County to McLean County, and everywhere in between. With Tax Reform 2.0, we are changing the culture in Washington, so taxpayers don’t have to wait 30 years for their tax code to be updated. The legislation passed today will make permanent the tax cuts from last year’s tax reform, incentivize individuals and families to start saving early in life, and unleash America’s innovative spirit so startups can move to Main Street and beyond. As a member of the Ways and Means Committee, I was proud to work with Chairman Brady to achieve this victory for hard-working Illinoisans.”
This week, Congressman LaHood went to the House floor to advocate for passage of Tax Reform 2.0. You can watch the clip here.
Tax Reform 2.0 Legislation
H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018 will make the historic tax cuts, passed in the Tax Cuts and Jobs Act, permanent. This will ensure that the individuals are guaranteed the near doubling of the standard deduction and lower rates across the board; and protect the pass-through deduction provided to small businesses across the country.
H.R. 6757, the Family Savings Act of 2018 will make it easier for businesses to provide retirement plans to individuals, so families can start saving earlier for retirement, giving families financial stability in their ever-changing lives.
H.R. 6756, the American Innovation Act of 2018 will provide expanded opportunity to startup companies looking to expand, encouraging innovation in businesses of all sizes.