Walker Co-Sponsored Protecting Family and Small Business Tax Cuts Act Passes the House in "Tax Reform 2.0"
WASHINGTON, D.C. – U.S. Representative Mark Walker (R-N.C.) today released the following statement after the House passed H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018, legislation he is a co-sponsor of, in a 220-191 vote:
“After we kept our promise to deliver on historic tax reform, unemployment is at record lows, job openings are at record highs, paychecks are growing, wages are rising, and employer benefits are expanding. North Carolina families are winning again and we want to continue the momentum. Tax Reform 2.0 will provide our families and local employers more certainty, solidifying lower taxes, a permanent doubling of the Child Tax Credit and the first-ever Paid Family Leave Credit, while lowering the share of the tax burden for middle-income workers and raising it for millionaires.”
The Protecting Family and Small Business Tax Cuts Act of 2018 makes permanent the tax reform measures for individuals, families, and small businesses (also called pass-through entities) in the Tax Cuts and Jobs Act. The legislation, along with the already House-passed Family Savings Act of 2018 and American Innovation Act of 2018 are part of "Tax Reform 2.0," a legislative effort to promote ongoing economic success, lock in tax cuts for middle-income families, and show Congress' commitment to continuously updating our tax code to stay fair and competitive.
The Family Savings Act of 2018 reforms retirement accounts and family-friendly saving accounts to increase flexibility and encourage savings, and creates a new universal savings account. The American Innovation Act of 2018 makes it easier and less costly for an entrepreneur to start a new business by providing for more deductions of start-up and organizational costs in the business’s first year.
According to the nonpartisan Joint Committee on Taxation, Tax Reform 2.0 will:
- Provide $140 billion in annual tax relief for middle-income families
- Create 1.1 million new jobs
- Drop the federal tax burden for taxpayers with incomes under $50,000 from 4.2 percent to 3.9 percent
- Raise the federal tax burden for millionaires from 19.6 percent to 20.2 percent
- Provide an average 5.2 percent tax cut for taxpayers, and 2.3 percent for taxpayers who earn more than $1 million
You can read the full text of the Protecting Family and Small Business Tax Cuts Act of 2018 here.