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Smucker Statement on Tax Reform 2.0

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Smucker Statement on Tax Reform 2.0

 

Washington, D.C. – U.S. Rep. Lloyd Smucker (PA-16) issued the following statement after the U.S. House of Representatives passed a series of bills, known as Tax Reform 2.0, that will further improve the federal tax code for American families, small businesses, and entrepreneurs:

“Since tax reform was implemented last year, I’ve been hearing from constituents about ways to further improve our federal tax code. My constituents want and deserve permanent tax relief so they can keep more of their own money for years to come. They should be able to save money more easily, and American innovators shouldn’t be held back by outdated tax laws that stifle growth.

“Tax Reform 2.0 delivers these priorities for the American people. Last year’s individual tax cuts are made permanent, new universal savings accounts allow families to decide how to save and spend their own money, and entrepreneurs will be able to write-off more start-up costs to make it easier to move from a home office to Main Street.

“Our economy is humming. Updating our federal tax code has already resulted in lower unemployment rates, rising wages, a decline in poverty, and an increase in federal revenue. But I want as many people as possible to participate in, and benefit from, our recent economic gains. Tax Reform 2.0 builds on our successes, and creates more opportunity for all.”

Background (Courtesy of the House Ways and Means Committee)

 

Protecting Middle-Class and Small Business Tax Cuts Act of 2018

 

Locking in the individual and small business tax cuts is pro-growth. We will provide needed certainty for our families, workers, and Main Street small businesses while unleashing even more economic growth in America for the long run.

Making the middle-class and small business tax cuts permanent will:

  • Create 1.5 million new jobs
  • Increase wages by 0.9%
  • Increase GDP by 2.2%

Family Savings Act of 2018

 

Retirement savings: Nearly half of working-age adults say they do not expect to have enough savings to live comfortably in retirement. More than one in three workers do not have access to a retirement plan through their employer. Thanks to the Tax Cuts and Jobs Act,businesses and families now have more money in their pockets. It is the perfect time to help local businesses provide retirement plans to their workers – and to help workers participate in those plans so their retirement years are more secure. Tax Reform 2.0 contains a range of proposals to achieve this.

Family-Friendly Savings Plans: We want to help families start saving earlier and save more throughout their lives. Tax Reform 2.0 can achieve this through:

  • USA Accounts: Creating a new Universal Savings Account to offer a fully flexible savings tool for families.
  • Expanded 529 Education Accounts: Building upon the improvements in the Tax Cuts and Jobs Act so families can also use their education savings to pay for apprenticeship fees to learn a trade, cover the cost of home schooling, and help pay off student debt.
  • New Baby Savings: Allowing families to access their own retirement accounts penalty-free for expenses when welcoming a new child into the family, whether by birth or adoption, and allowing families to replenish those accounts in the future.

American Innovation Act of 2018

 

Growing Brand New Entrepreneurs: Earlier this year, the United States dropped out of Bloomberg’s list of the top 10 most innovative countries in the world. We also know the nation that wins the innovation race wins the future.

Start-up businesses are outsized contributors to innovation and productivity as well as job creation. As part of an annual focus on encouraging innovation, Tax Reform 2.0 will help brand-new businesses write off more of their initial start-up costs, and remove barriers to growth.

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