WASHINGTON – U.S. Rep. Glenn ‘GT’ Thompson today voted in favor of the final component of Tax Reform 2.0, to permanently extend tax cuts for American families.
Tax Reform 2.0 is a package of three bills that lock in the historic reforms of the Tax Cuts and Jobs Act, to protect middle-class and small business tax cuts, promote family savings and advance the next generation of entrepreneurs. Each bill received bipartisan support for passage.
“I am pleased the House has built upon the successes of the Tax Cuts and Jobs Act and have passed Tax Reform 2.0, to permanently extend middle class tax cuts beyond 2025,” Thompson said.
“Congress paved the way to create a tax system that is fairer, simpler and one that establishes an environment for growth. Since tax reform, we have witnessed higher wages, lower unemployment, more jobs and larger paychecks – and that is why I support making these cuts permanent for America’s hard working families.”
Among the provisions that will be locked in with Tax Reform 2.0:
– Lower tax rates
– A doubled Child Tax Credit that is available to many more families
– The first-ever Paid Family Leave Tax Credit
– Elimination of the Alternative Minimum Tax for nearly 96 percent of those who paid it last year
– Doubled exemption from the Death Tax
Bills that make up Tax Reform 2.0:
H.R. 6757 – Family Savings Act (approved Thursday)
H.R. 6756 – American Innovation Act (approved Thursday)
H.R. 6760 – Protecting Family and Small Business Tax Cuts Act (approved today)
