Representative Keith Rothfus (PA-12) issued this statement following the passage of the "Tax Reform 2.0" package. This legislative package includes three bills designed to facilitate economic growth and opportunity by encouraging saving, stimulating innovation, and making certain parts of the Tax Cuts and Jobs Act permanent. These three bills include the H.R. 6757, the Family Savings Act of 2018; H.R. 6756, the American Innovation Act of 2018; and H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018.
"The historic Tax Cuts and Jobs Act has breathed life back into our economy, restoring hope and opportunity for Americans everywhere. We are seeing more jobs, low unemployment, and record levels of small business optimism and consumer confidence," said Congressman Rothfus. "The Tax Reform 2.0 package builds on this success. It ensures that our communities continue to thrive by making key individual and small business provisions of the Tax Cuts and Jobs Act permanent, including the doubled child tax credit and increased standard deduction. Additionally, this package helps people with disabilities and their families by making the increase for ABLE account contributions permanent. We must continue to support a growing, healthy economy so our fellow Americans can achieve their dreams and so we can meet the obligations we have to our seniors, to our veterans, to the needy, and to those with a disability."
H.R. 6757, the Family Savings Act of 2018 [introduced by Rep. Mike Kelly (PA-03)] amends the Internal Revenue Code of 1986 to promote individual and family saving through many provisions, including removing IRA contribution age limits and required minimum distribution withdrawals.
H.R. 6756, the American Innovation Act of 2018 [introduced by Rep. Vern Buchanan (FL-16)] amends the Internal Revenue Code of 1986 to encourage new business innovation and development by increasing tax breaks for start-up businesses.
H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018 [introduced by Rep. Rodney Davis (IL-13)] makes parts of the Tax Cuts and Jobs Act permanent, including the new tax brackets and increased contribution to ABLE accounts, among others.