House Passes First Phase of Tax Reform 2.0

Sep 28, 2018
Press Release
(Washington, DC) – Congressman Doug LaMalfa (R-Richvale) issued the following statement after the House passed 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.
 
LaMalfa said: “The Tax Cuts and Jobs Act has already been transformative for the American economy. We’re seeing a surging job market, the lowest unemployment rate in years, and record optimism among small business owners. Now we’re building on these efforts and taking the next step with Tax Reform 2.0 to ensure that our economy continues to grow for years to come. These bills ensure long term consistency for families and individuals by making the tax cuts permanent and simplifying retirement savings. They also encourage business innovation by giving new small businesses more flexibility to grow and prosper. We shouldn’t wait another 30 years before updating our tax code again, and these bills are a great start.”
 
  • H.R. 6756, the America Innovation Act – allows new businesses and entrepreneurs to write off more of their initial start-up costs.
 
  • H.R. 6757, the Family Savings Act – simplifies retirement savings, creates a new universal savings account, expands the use of 529 education savings accounts, and allows families to access their own savings to support parental leave.
 
  • H.R. 6760, the Protecting Family and Small Business Tax Cuts Act – makes permanent provisions that:
 
  • Reduce individual tax rates.
  • Modify the taxation of the unearned income of children.
  • Allow a deduction for qualified business income of pass-through entities.
  • Increase the standard deduction.
  • Increase and modify the child tax credit.
  • Increase the limitation for certain charitable contributions.
  • Exclude from gross income discharges of student loan debt due to the death or disability of the student.
  • Double the estate and gift tax exemption amount.
  • Increase the alternative minimum tax exemption amount for individuals.
 
Congressman Doug LaMalfa is a lifelong farmer representing California’s First Congressional District, including Butte, Glenn, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sierra, Siskiyou and Tehama Counties.
 
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