Remarks as Prepared for Delivery:<\/strong><\/em><\/p>\n \u201cIt\u2019s critical for hardworking Americans that we keep this strong economic momentum going. That\u2019s why we\u2019ve followed last year\u2019s successful redesign of the tax code with Tax Reform 2.0.<\/p>\n \u201cThe three bills that make up Tax Reform 2.0 are designed to help families and small businesses thrive. This starts with locking-in the individual and small business tax cuts from the Tax Cuts and Jobs Act.<\/p>\n \u201cThe Protecting Family and Small Business Tax Cuts Act of 2018, which is sponsored by Congressman Rodney Davis, will give American families, workers, and Main Street small businesses certainty.<\/p>\n \u201cIt will also continue to fuel the strong economic growth we\u2019ve witnessed over the past year. The Tax Foundation has estimated that making the middle-class and small business tax cuts permanent will create 1.5 million new jobs and increase GDP over 2%.<\/p>\n \u201cThe second part of Tax Reform 2.0 is the Promoting Family Savings Act of 2018, which is sponsored by Congressman Mike Kelly. This will help Americans save for key life events by expanding access to new and existing savings vehicles.<\/p>\n \u201cFar too many have struggled to save for key life events such as retirement, education, or unexpected emergencies. In fact, almost 40 percent of Americans say they would not be able to cover an emergency expense of $400.<\/p>\n \u201cThe Promoting Family Savings Act includes expanded 529 savings accounts that give families the flexibility to use their education savings to pay for apprenticeship fees, cover the cost of home schooling, and help pay off student debt. It also includes new Universal Savings Accounts which offer a fully flexible savings tool that families can use any time that\u2019s right for them.<\/p>\n \u201cThe Promoting Family Savings Act will also help expanding families by allowing them to access their own retirement accounts on a penalty-free basis to use when welcoming a new child into the family \u2014 whether by birth or adoption. And it will allow them to replenish those retirement accounts in the future.<\/p>\n \u201cThe third part of Tax Reform 2.0 is the American Innovation Act of 2018. This bill, which is sponsored by Ways and Means Tax Policy Subcommittee Chairman Vern Buchanan, will help hardworking Americans move a family business from their kitchen table to their first office by allowing them to write off more startup costs in their early years.<\/p>\n \u201cThis will help America\u2019s risk takers, create jobs, invest in their communities and continue strengthening America\u2019s economy.<\/p>\n \u201cThese three Tax Reform 2.0 bills will help ensure our code continues to allow our economy to grow. That\u2019s why we have worked so hard on these bills \u2013 to change the culture of Washington from one that waits an entire generation to fix a broken tax code, to one that keeps our code ahead of the pack. Never again will America fall so far behind our competitors.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" House Ways and Means Committee Chairman Kevin Brady (R-TX) delivered the following opening statement at the House Rules Committee hearing on Tax Reform 2.0. Remarks as Prepared for Delivery: \u201cGood afternoon, Chairman Sessions, Ranking Member McGovern, and Members of the Rules Committee. It is an honor to testify before you today. \u201cEven though it was […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[43],"tags":[50,11,5,54],"class_list":["post-1276","post","type-post","status-publish","format-standard","hentry","category-estate-taxes","tag-death-tax","tag-estate-tax","tag-family-business","tag-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/1276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1276"}],"version-history":[{"count":1,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/1276\/revisions"}],"predecessor-version":[{"id":1397,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/1276\/revisions\/1397"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\u201cGood afternoon, Chairman Sessions, Ranking Member McGovern, and Members of the Rules Committee. It is an honor to testify before you today.<\/h4>\n
\u201cEven though it was enacted just last December, the Tax Cuts and Jobs Acthas already changed the trajectory of America\u2019s economy \u2013 giving us more jobs, bigger paychecks, and historic Main Street optimism.<\/h5>\n