Rep. LaHood and the Ways and Means Committee Approve Tax Reform 2.0, Furthering their Commitment to the American Taxpayer
WASHINGTON, D.C.—Today, Congressman Darin LaHood (IL-18) and the House Ways and Means Committee advanced three bills, known as Tax Reform 2.0, through Committee, furthering efforts to provide tax relief to hard-working Americans. Specifically, the three pieces of legislation will provide certainty to individual taxpayers, by making the lowered tax rates in the Tax Cut and Jobs Act permanent for individuals and families; expanding retirement savings for individuals and families, and spurring innovation for small businesses looking to expand. Congressman LaHood is a cosponsor of all three pieces of legislation.
“Last year, Republicans’ reformed our nation’s tax code for the first time in more than 30 years, streamlining the filing process, allowing individuals to keep more of their hard-earned money, and empowering American business to be more competitive around the globe. Today, I was proud to work with Chairman Brady and the Ways and Means Committee to build upon our tax reform successes by advancing legislation that would provide certainty to taxpayers, expand retirement savings for individuals and families, and unleash America’s innovative spirit,” said Rep. LaHood. “This is another step in making certain taxpayers continue to have a tax code that works for them. With take-home pay up 4.9%, wages rising at a rate not seen in nine years, small business optimism at record highs, job creation regularly beating expectations, and even Peoria County leading the nation in average weekly wages, I look forward to working to get Tax Reform 2.0 passed in the House and to President Trump’s desk, so individuals and families across central and west-central Illinois can continue to see more money in their pockets and our local small businesses can further innovate to stay competitive in a growing global economy.”
Next step: The House Ways and Means Committee will report the three bills to the House floor to be voted upon by the entire House of Representatives.
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.
Evidence of a Strong Economy: