Last week the House Ways and Means Committee chaired by Rep. Kevin Brady (R-TX) approved Tax Reform 2.0, a package of three bills that will lock in the individual and small business tax cuts from the Tax Cuts and Jobs Act, help families save more and earlier for retirement, and spur innovation here in America by helping grow start-up businesses.
Groups from across the country have written in support of this legislation. Here is what they are saying:
“Tax Cut 2.0 makes job creating tax reduction permanent, allows Americans to save for retirement tax free and will spur investment in new business. Most importantly, it reminds the world that as long as there is a Republican congress and President there will be tax reform and tax reduction –every single year.”
“Along with the doubling of the estate tax exemption to $11 million, reductions to individual tax rates and changes to various accounting methods, these provisions are not permanent and will eventually result in a considerable tax hike for our members when they expire. Tax Reform 2.0 provides much needed certainty and parity for our pass-through businesses by making these provisions of the tax law permanent.”
“According to the 2018 Bloomberg Innovation Index, America has recently fallen out of the top ten most innovative nations. For the United States to regain its status in the world as a leader of innovation, tax reform must support the growth of small business innovators and incentivize investment in breakthrough technologies. BIO believes the guiding principle of future tax reform should be the promotion of innovation.”
“The three bills that make up Tax Reform 2.0 would make sure last year’s tax cuts become permanent and get even better every year into the future.”
“The Tax Reform 2.0 package, which would lock in the individual and small business tax cuts enacted late last year, represents a major step forward in securing predictability and a stable economic environment for electrical contractors nationwide.”
“The small business pass-through deduction, created in last year’s Tax Cuts and Jobs Act, has encouraged an unprecedented small business economic boom. We are thrilled H.R. 6760 would make this important deduction permanent. Small business owners across the country need the tax cut to be permanent so that they have certainty as they evaluate plans to hire, increase wages, and grow their businesses.”
“Taxpayers can now see an even brighter future thanks to Tax Reform 2.0. Ways and Means Committee Chairman Brady and his colleagues in Congress have once again earned the gratitude of millions of taxpayers across America. Tax Reform 2.0 will continue the progress toward a fairer, simpler, and less burdensome tax system that began with last year’s Tax Cuts and Jobs Act.”
“We are thrilled to see that [net operating loss] reform for startups is becoming a higher priority issue in Washington. We are thankful for the inclusion of this provision and we look forward to working with policymakers and stakeholders to create an effective NOL safe harbor for startups investing in innovation.”
“The Tax Cuts and Job Act…cut taxes and simplified the filing process for most people. But many of these changes are temporary and scheduled to expire at the end of 2025. The first priority of Congress should be to provide certainty to individual taxpayers on whether they will get to keep their tax cuts and fix parts of the code the TCJA left untouched. The House Ways and Means Committee’s ‘Tax Reform 2.0’ legislative package helps move in that direction.”
CLICK HERE to learn more about Tax Reform 2.0.