Draft of Tax Reform 2.0 Introduced in Congress
House of Ways and Means Committee Chair Kevin Brady recently highlighted the introduction of three new tax bills that together comprise the new tax reform package. The drafts of new tax legislation deal primarily with individuals, retirement savings, and small businesses. H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018, would extend the 20 percent deduction on certain pass-through businesses and make permanent tax provisions related to individuals including reduced rates and the cap on state and local tax deductions. H.R. 6757, the Family Savings Act of 2018, would make significant changes to savings accounts for education and retirement. H.R. 6756, the American Innovation Act of 2018, would provide more favorable treatment for start-up costs for businesses. The House Ways and Means Committee mark-up is anticipated to occur on September 13th.
Read more: Press Release; House GOP Unveils Bills To Make Tax Cuts Permanent; H.R. 6760; H.R. 6757; H.R. 6756