NTU urges all Representatives to vote “YES” on H.R. 6756, the “American Innovation Act,” H.R. 6757, the “Family Savings Act,” and H.R. 6760, the “Protecting Family and Small Business Tax Cuts Act.” This package, dubbed Tax Reform 2.0, would extend provisions of the Tax Cuts and Jobs Act (TCJA) while providing additional tax relief for families and small businesses.
Enacted in 2017, TCJA made several significant changes to the federal tax code. On the individual side, TCJA reduced federal income tax rates, increased the standard deduction, doubled the child tax credit, increased the death tax exemption, and established a new deduction for small businesses. Individuals, families, and businesses across the country are experiencing the benefits of bigger paychecks, lower taxes, and greater economic opportunity as a result of these reforms. When Americans file their returns next year, 90 percent of taxpayers will pay less in income tax.
Despite these robust benefits, the individual-side tax cuts are scheduled to sunset at the end of 2025, which would inadvertently raise taxes on millions of hardworking families. H.R. 6760 would make permanent all of these important reforms to ensure greater prosperity and fewer tax burdens for the middle class.
Tax Reform 2.0 builds upon last year’s improvements by knocking down tax barriers to entrepreneurship and savings. Specifically, H.R. 6756 would amend the code to make it easier and less costly for an entrepreneur to open up shop by allowing them to deduct their start-up costs. H.R. 6757 would reduce tax restrictions that limit the ability for Americans to save by expanding access to retirement accounts, 529 plans, and universal savings accounts. These bills would promote small business ownership and ensure Americans have the financial security to handle future life events.
Roll call votes on H.R. 6756, 6757, will be significantly weighted and H.R. 6760 will be heavily weighted in our annual Rating of Congress and a “YES” vote will be considered the pro-taxpayer position