Press Releases

House Passes Tax Reform 2.0

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Washington, September 28, 2018 | comments
Rep. Barry Loudermilk (R-GA) issued the following statement after the House passed Tax Reform 2.0:

“Republicans unleashed the economy last year when we slashed taxes for hardworking Americans. Main street businesses are booming, their optimism has never been higher, and unemployment is at historic lows. The House has doubled down on this success by passing another package of tax reforms. The new package of three bills will make permanent the tax cuts from the Tax Cuts and Jobs Act, allow families to keep more of their hard-earned money to use to their own benefit, and spur new business innovation. I encourage my colleagues in the Senate to pass this reform as soon as possible, so America can continue to be the most innovative country in the world.”

Summary of Tax Reform 2.0

Family Savings Act – H.R. 6757

• Expands the eligible expenses able to be covered by 529 education savings accounts, including apprenticeships, homeschooling, and student loans.
• Allows each parent of a newborn or adopted child to withdraw up to $7,500 each from their retirement account with no penalty.
• Creates a new universal savings account (USA) to give individuals and families more options to save for retirement.

American Innovation Act – H.R. 6756

• Consolidates two tax deductions available to startup businesses and increases their value to $20,000.

Protecting Family and Small Business Tax Cuts Act – H.R. 6760

• Makes the personal tax reductions in the 2017 tax reform law- including lower rates, lower brackets, increased standard deduction, expanded child tax credit, increased estate tax threshold, increased alternative minimum tax threshold, and pass-through deduction- permanent. These reductions are currently set to expire after 2025.
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