Walorski Votes to Lock In Middle-Class and Small Business Tax Cuts
House Passes Tax Reform 2.0 to Make Tax Cuts Permanent, Expand Families Access to Savings, Support Small Business Startups
WASHINGTON – U.S. Rep. Jackie Walorski (R-Ind.) today released the following statement after the House passed several bills to lock in middle-class and small business tax cuts, expand savings options for families, and help startups grow:
“Hardworking Hoosiers are keeping more of the money they earn and local businesses are expanding because of historic tax cuts Congress passed last year,” Congresswoman Walorski said. “With Tax Reform 2.0, we are taking action to build on our economic momentum by making the tax cuts for middle-income families and small businesses permanent, empowering individuals and families to save more for the future, and helping new businesses get off the ground so they can create jobs.”
The House this week passed three bills, known together as Tax Reform 2.0, aimed at advancing the economic growth spurred by the Tax Cuts and Jobs Act, which was signed into law in December 2017. Congresswoman Walorski voted for all three bills.
Protecting Family and Small Business Tax Cuts Act (H.R. 6760)
- Makes permanent the tax cuts for individuals, families, and small businesses in the Tax Cuts and Jobs Act, including:
- Lower tax rates for individuals and families at all income levels;
- Nearly doubled standard deduction;
- Doubled Child Tax Credit with expanded eligibility;
- Paid Family Leave Tax Credit; and
- Doubled exemption from the Death Tax.
Family Savings Act (H.R. 6757)
- Expands the ability for individuals and families to use a variety of savings vehicles.
- Makes it easier for small businesses to provide retirement plans to their employees.
- Establishes universal savings accounts to allow individuals to save for any purpose.
- Expands permitted uses of 529 education savings plans.
- Allows individuals to withdraw funds from their retirement accounts, penalty-free, at the birth or adoption of a child.
American Innovation Act (H.R. 6756)
- Doubles the amount of start-up and organizational costs that can be expensed in the first year of operations.
- Allows start-ups to expand by bringing in new investors without triggering limits on their access to tax benefits like the R&D credit for activities conducted in their early years.
Walorski represents the 2nd Congressional District of Indiana, serving as a member of the House Ways and Means Committee.