Reichert, Ways and Means Pass Tax Reform 2.0

Statement

Today, the House Ways and Means Committee passed three pieces of legislation that compile a package known as Tax Reform 2.0. This package makes the provisions for individuals in the Tax Cuts and Jobs Act permanent, improves retirement security, and promotes entrepreneurship in America.

"Over the past nine months we have seen significant benefits from tax reform including almost 1.7 million new jobs, the fastest wage growth in 9 years, and greater investments in workforce development and employee benefits. And for the average family of four in my district, the new tax code means a tax cut of nearly $3,357. Today, by passing these three bills, we are building on this work and reaffirming our commitment to keeping our tax code competitive and up-to-date. We are making tax relief permanent for families and individuals, so Americans can continue to keep more of their hard-earned dollars for years to come. We are promoting retirement savings by helping smaller employers offer retirement plans to their employees. And lastly, we are encouraging innovation and reinvigorating the entrepreneurial spirit in America by helping new businesses with startup costs and capital. Today marks an important step for families, entrepreneurs, and communities across America."

In December 2017, the Tax Cuts and Jobs Act (P.L. 115-97) was passed and signed into law. As a member of the House Ways and Means Committee, Representative Reichert was actively involved in the formulation of the Tax Cuts and Jobs Act and will continue to be involved in Tax Reform 2.0.

Source