Russell Statement on Tax Reform 2.0
Washington, D.C. – Last week, the U.S. House of Representatives passed H.R. 6720, the Protecting Family and Small Business Tax Cuts Act of 2018 (Tax Reform 2.0), with the support of Rep. Steve Russell (R-OK).
“Hardworking Americans’ and Oklahomans’ money should remain in their hands – where they have choices,” Russell. “They need to be able to choose how they spend their money based on their needs and values – not the government’s. This legislation provides certainty for our families, workers and small businesses, giving them those choices and unleashing economic growth in the long run.”
This legislation makes the seven individual tax brackets permanent and locks in benefits for American families. The bill also doubles the Child Tax Credit available to many families and eliminates the Alternative Minimum tax for nearly 96 percent of those who paid it last year.
The bill prioritizes businesses and retirement plans. Tax Reform 2.0 helps local businesses provide retirement plans for workers, allowing small businesses to create 401(k) plans more affordably and simplifying the rules for participation in employer plans. Workers, too, will see the benefits of Tax Reform 2.0 as they are exempted from mandatory payouts in small retirement accounts and as the age limit on IRA contributions is eliminated.
The Tax Foundation estimates Tax Reform 2.0 permanent will create 1.5 million jobs, increase wages by nearly one percent and increase the overall GDP by 2.2 percent.
“Americans work hard each and every day to make life better and to help our economy grow,” Russell said. “They have long waited for more money in their checks to reflect that hard work. This legislation puts more money in their pockets and promotes the values and policies which make America prosperous and I was proud to support it.”