Tax Reform

Tax Reform 2.0 Framework Announced by House Ways and Means Committee Chairman Kevin Brady (R-Texas)

by
Lee Reams II
on
7/23/2018
Tax Reform 2.0 Framework Announced by House Ways and Means Committee Chairman Kevin Brady (R-Texas)

What you all have been waiting for, the second phase of tax reform has been released to House members today. 

The two-page House GOP Listening Session Framework (Tax Reform 2.0) includes various changes geared toward retirement, education and making tax cuts permanent. 

The framework includes: 

  • Making the tax rate and small business tax reform changes permanent 
  • Make it easier to save tax-advantaged for retirement 
  • Introduce Universal Savings Accounts (USA Accounts) 
  • Expand 529 plan options, including paying for apprenticeships, trade school and helping pay off debt 
  • New bay savings option, penalty-free withdrawals from retirement accounts when welcoming a new child to the family, by birth or adoption 
  • New start-up business write-offs and pro-growth policies 

As with any two-page outline, details are scarce at this time. This legislation is timed for votes in September, before the Fall elections. The plan is to divide the programs into three bills to gauge interest and increase the odds of passing. 

House Republican Conference Chair Cathy McMorris Rodgers (R-WA) stated to Fox Business, “this has been part of our priority, is to lock in the gains we’re seeing in tax reform that are leading to this booming economy.”  The Democrats were quick to respond, with Nancy Pelosi posting on Twitter, "Republicans just rolled out the framework for #GOPTaxScam for the Rich 2.0. It’s going to be just as destructively tilted toward the wealthiest 1 percent as the original.”

While the political debate rages on, Ways and Means ranking minority member Richard E. Neal (D-Mass.) was quoted that “retirement is too important and I think there is some room here for bipartisanship.”

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Lee Reams II

Lee Reams II

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