Hurd Continues Support for Bigger Paychecks for South and West Texas families
WASHINGTON, DC – This week U.S. Representative Will Hurd (TX-23) voted to support Tax Reform 2.0, composed of three bills that help provide certainty for families, workers and small businesses across South and West Texas, including:
- The Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760), to make permanent the individual and small business tax cuts from the Tax Cuts and Jobs Act, which have resulted in an average increase of $2,043 in savings per family of four in the 23rd District of Texas;
- The American Innovation Act of 2018 (H.R. 6756), to allow small businesses and start-ups to write off more of their initial start-up costs; and,
- The Family Savings Act of 2018 (H.R. 6757), to empower local businesses to provide retirement plans for employees and families to start saving earlier.
Proud to make these historic tax cuts permanent, Hurd released the following statement:
“After hosting 32 town halls throughout my district last week, it’s clear that tax reform is creating more jobs, bigger paychecks, increased investment, historic small business optimism and increased economic security for the families that I represent. I am proud to make these tax cuts permanent so South and West Texans can continue to prosper for generations to come.”
Family and business-friendly provisions that will be secured with Tax Reform 2.0 include:
- 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;
- The first ever 20 percent deduction for pass-through business income for small businesses; and,
- A simpler, postcard-style filing system that is estimated to translate into a $3.1 to $5.4 billion reduction in compliance costs for workers and families.
Prior to Tax Reform 2.0, Rep. Hurd co-sponsored similar legislation that would make permanent the individual and small business tax cuts, along with a narrower bill to make permanent the expanded child tax credit, which doubled from $1,000 to $2,000 with the Tax Cuts and Jobs Act.