House Republicans announced legislation Monday to permanently lock in last year’s tax cuts, looking to remind voters of the surging economy — and the Republicans’ role in getting it there — in the weeks before the November elections.
The three bills have been dubbed Tax Reform 2.0. They would make good on President Trump’s repeated calls on Congress to go beyond the $1.5 trillion package he signed last year and give Americans more breaks.
The legislation would make permanent last year’s tax breaks for individuals, preventing them from facing a tax increase in eight years, while boosting incentives for retirement savings and giving more lenient tax treatment to startups and small businesses.
“Under our new system, we’re seeing incredible job growth, bigger paychecks and a tax code that works on behalf of families and American businesses. Now it’s the time to ensure we never let our tax code become so outdated again,” said Rep. Kevin Brady, Texas Republican and chairman of the House Ways and Means Committee, which announced the bills.
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