Permanent Tax Cuts for the American People
Washington, D.C. – September 28, 2018 – Congressman David Kustoff (TN-08) this week voted to pass a second wave of tax reform (Tax Reform 2.0) to make permanent tax cuts for individuals included in the historic Tax Cuts & Jobs Act. This wave focuses on provisions to protect middle-class and small business tax cuts, promote family and retirement savings, and support the next generation of entrepreneurs.
The following bills were included in Tax Reform 2.0:
- H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018 – makes permanent the tax cuts for individuals and pass-through businesses that were included in the Tax Cuts and Jobs Act.
- H.R. 6757, the Family Savings Act of 2018 – expands the ability for individuals and families to use a variety of savings vehicles. The bill includes reforms to make it easier for employers, especially small employers, to provide retirement plans to their employees.
- H.R. 6756, the American Innovation Act of 2018 – doubles the amount of start-up and organizational costs that can be expensed in the first year of operations.
Congressman Kustoff said: “For years, our country has felt the burdens of a difficult, outdated tax code, and we listened when Americans said enough was enough. We took huge steps last year in passing the historic Tax Cuts and Jobs Act to grow the American economy and lead to better jobs and bigger paychecks. Here in West Tennessee, we have seen significant growth in just the past year, but our progress is far from over.
“Now we have voted to put permanent cuts in place to keep our businesses growing and our people thriving. The money earned by hard-working Americans belongs in their pockets, and I am glad we could take these steps this week to ensure that happens.”
To learn more about Republican-led tax reform efforts, visit fairandsimple.gop.