This afternoon, The Ways and Means Committee released an outline detailing the "Tax Reform 2.0" proposal and Heritage Foundation tax expert Adam Michel issued the following statement:
"The 2017 Tax Cuts and Jobs Act simplified tax paying, cut taxes for individuals and businesses in every congressional district, and updated the tax code so that American businesses and the people they employ can again be globally competitive. The Ways and Means Committee outline for “Tax Reform 2.0,” capitalizes on the successes of last year’s tax cuts. The plan will offer the certainty of lower tax rates for individuals and business who deserve a permanent tax code, will expand the ability for businesses to write off start-up costs, and includes important reforms for increased family savings. The establishment of a universal savings account will offer families the same benefits of retirement savings without the restrictions, allowing them to spend their money when it suits them best.
American workers are better off today than they have been in almost two decades thanks to tax reform. To solidify the broad-based economic expansion, Congress must make the tax cuts permanent and place meaningful limits on federal budgets. With the right policy locked in, the American future can be even brighter."