Latta: Tax Reform 2.0 Will Continue Economic Momentum

Statement

Date: Sept. 28, 2018
Location: Washington, DC
Issues: Taxes

Congressman Bob Latta (R-Bowling Green) joined his colleagues in passing three pieces of legislation known as "Tax Reform 2.0" this week to continue economic momentum that was kicked off by the passage of the Tax Cuts and Jobs Act in late 2017. Included in the Tax Reform 2.0 package is legislation to expand tax-free savings opportunities for Americans, tax cut permanency for small businesses and individuals, and policies that will help start-ups write off more of their upfront costs. The small business and individual tax cuts were not made permanent in the Tax Cuts and Jobs Act due to Senate procedural rules. Latta has supported making these provisions permanent.

"Since the passage of the Tax Cuts and Jobs Act, we've seen our economy take off," said Latta. "From record-low unemployment numbers and rising wages to sky-high optimism among small businesses and manufacturers -- tax reform is making a real difference in people's lives. Just this week, the Federal Reserve predicted that we'll see 3.1% annual growth this year, a number that seemed unobtainable under the previous administration.

"Passing Tax Reform 2.0 will build on this momentum by making the tax relief for small businesses and individuals permanent while also including new policies to help Americans save or start a business. Ohio families are seeing more money in their pockets, American business are growing, and workers are getting jobs -- let's keep the good news going."


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