Perry Supports Tax Reform 2.0
Makes Tax Cuts for Working Families and Small Businesses Permanent
Washington, September 28, 2018
Washington, D.C. – The House of Representatives passed three proposals that permanently extend the benefits of the Tax Cuts and Jobs Act (TCJA) to working families and small businesses.
The proposals include: H.R. 6760, “Protecting Family and Small Business Tax Cuts Act of 2018”, which makes tax cuts for families and small business permanent, rather than expiring after 10 years (2025); H.R. 6757, “Family Savings Act of 2018," which helps local businesses provide retirement plans to their employees, makes it easier for families to save for college on a tax free basis, and broadens the list of eligible education related expenses for which these savings may be used; and H.R. 6756, “American Innovation Act of 2018," which helps new businesses and start-ups by bolstering the deduction for start-up costs to $20,000 - up from $5,000.
“The positive impact of the Tax Cuts and Jobs Act is clear: the labor market is so tight, there are more jobs than people looking for them, we’re seeing the lowest unemployment in a half century; people are rejoining the workforce in droves; productivity is up; and small business optimism is at a record high. The economic successes of the past year continue, and we can keep this momentum by letting Taxpayers keep even more of what belongs to them in the first place,” said Perry.
The proposals are now in the Senate awaiting further consideration.