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Rep. Graves Supports Tax Reform 2.0

Washington, September 28, 2018 - Rep. Tom Graves (R-GA-14) today voted for and the House passed the Protecting Family and Small Business Tax Cuts Act (H.R. 6760), Family Savings Act (H.R. 6757) and American Innovation Act (H.R. 6756). The three bills are collectively referred to as Tax Reform 2.0.

“These bills lock in and build on the progress we made last year with the historic Tax Cuts and Jobs Act,” said Rep. Graves. “This legislation makes the individual and small business tax cuts permanent, helps families save more for retirement and spurs innovation by making it easier for start-ups to grow.”

Specifically, H.R. 6760 makes permanent the individual and small business tax cuts made by the Tax Cuts and Jobs Act. According to the non-partisan Tax Foundation, making these tax cuts permanent will create 1.5 million new jobs, increase wages by 0.9 percent and increase GDP by 2.2 percent. 

H.R. 6757 makes several changes designed to help American families save their hard-earned money, including:

  • Expanding 529 accounts to pay for apprenticeship fees, home schooling and student loan debt;
  • Allowing families to access their retirement accounts penalty-free when they bring home a new child;
  • Exempting small retirement accounts from mandatory payouts and eliminating the age limit on IRA contributions;
  • Allowing small businesses to band together to create a 401(k) plan;
  • And creating a new Universal Savings Account, a flexible savings account that families can access whenever is best for them.

H.R. 6756 allows new businesses to write off more of their initial start-up costs. It also protects their access to critical tax benefits like the research and development tax credit.


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