President Donald Trump will be pushing for more tax cuts—dubbed “Tax Reform 2.0”—in the Senate, his chief economic adviser said Thursday.
Larry Kudlow, director of the National Economic Council, said “there’s a lot of good, positive things” in Tax Reform 2.0, a package of three bills that have cleared the House. Two passed in September; the third passed Tuesday.
“These are pro-growth bills. It may be amended in the Senate and so forth. Other people may weigh in. We’re looking at things [ourselves],” Kudlow told The Daily Signal outside the White House.
“President Trump has changed the whole incentive structure in the U.S. economy with fabulous results,” he added. “We’re not fighting business. We’re not punishing success. We’re letting folks, at lower tax rates … keep more of what they earn and invest. That’s a terrific incentive.”
The new legislation would build on the 2017 Tax Cuts and Jobs Act, which slashed individual income tax rates and put corporate tax rates in line with those of other industrialized countries. Unlike the corporate rate cuts, the individual rate cuts expire in 2025.
The tax cuts have spurred employee bonuses and business expansion across the United States.
The three bills, known as Tax Reform 2.0, would make the individual tax cuts permanent, as well as making new expensing rules for businesses permanent.
The following are the three bills:
- The Protecting Family and Small Business Tax Cuts Act. It would lock in the individual and small-business tax cuts, helping families and small businesses thrive. The Tax Foundation has estimated that making these tax cuts permanent would create 1.5 million new jobs and increase gross domestic product by more than 2 percentage points.
- The Family Savings Act is targeted at middle-class income earners and younger workers to help them save for key life events, such as retirement, education, or unexpected emergencies, by expanding access to new and existing savings vehicles.
- The American Innovation Act is designed to help incentivize entrepreneurs to expand their businesses.
Read the full story from The Daily Signal
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