House Passes Tax Cuts 2.0
WASHINGTON, DC – This week, Congressman Neal Dunn (FL-02) and Republicans in the House took concrete steps to build upon the success of the Tax Cuts and Jobs Act by making the individual and small business tax cuts permanent. The Tax Cuts 2.0 package of bills are a continuation of Republican efforts to ease the burden on hardworking Americans by providing certainty that the tax cuts they receive this year will remain year after year – putting more money in the pockets of Floridians across the Second District. The package is comprised of H.R. 6760, the Protecting Family and Small Business Tax Cuts Act, H.R. 6757, the Family Savings Act, and H.R. 6756, the American Innovation Act.
“Tax cuts matter. They mean greater economic opportunity for all Floridians. The people I talk to across the Second District tell me how their paychecks have gotten bigger and about the bonuses their companies have given them because of the tax cuts. We can talk about record lows in unemployment, rising wages, and the highest level of small business optimism in history,” said Dr. Dunn. “But what I’m most excited about is hearing from the mom who tells me that she feels like she is better able to take care of her family because she has more money to spend on her needs, not the government’s.”
Along with making the individual tax cuts permanent, the legislation creates a Universal Savings Account (USA) to give families flexibility in saving for the future. It also expands 529 Education accounts and allows families to access their retirement savings penalty-free when welcoming a child.
Small businesses will be able to join together to create more affordable 401(k) plans, write off more of their initial start-up costs, and expand the pool of investors without triggering limits on their access to tax benefits.
“We are unleashing our economy and putting hardworking Americans first – the best is yet to come,” added Dr. Dunn.
The Tax Cuts and Jobs Act lowered individual tax rates, doubled the child tax credit, roughly doubled the standard deduction, eliminated Obamacare’s individual mandate, and lowered the corporate tax rate to 21%.