WASHINGTON, D.C.—Over the past two days, the House voted to pass three bills that comprise Republicans’ Tax Cuts 2.0 legislative package. Taken together, H.R. 6767, Family Savings Act; H.R. 6756, American Innovation Act; and H.R. 6760, Protecting Family and Small Business Tax Cuts Act, will ensure the American people are able to benefit fully from all of the economic success that has come from the Tax Cuts and Jobs Act. These bills will make the tax cuts for individuals and families permanent, increase the flexibility for retirement savings accounts, and increase the ability for entrepreneurs to access start up funds.
House Majority Whip Steve Scalise (R-La.) released the following statement on House passage of this momentous legislation:
“Thanks to pro-growth Republican policies like the Tax Cuts and Jobs Act, families all across America are enjoying the benefits of a booming economy. Wages are up, jobless claims are at a nearly 50-year low, small businesses have reported record hiring increases, and middle-class incomes just reached an all-time high.
“This week, we voted to make those tax cuts permanent for families and small businesses, giving them the long-term certainty to develop their budgets, and plan for savings and investing. We also voted to improve the ability for families to plan for retirement by increasing the flexibility of retirement and savings plans for hard-working taxpayers, helping them receive the benefits of this strong economy so they can better prepare for their futures. Not only that, the House voted to invest in American ingenuity and jobs by making it easier for entrepreneurs to get their businesses up and running and put more people to work. With this week’s action in the House, we are building a stronger economy and a stronger America.”
“The legislation we passed these past two days in the House will help ensure that every American has the opportunity to benefit from this strong and growing economy.”