Abraham supports making tax cuts permanent
WASHINGTON - Congressman Ralph Abraham, M.D., R-Alto, today voted in favor of HR 6760, the Protecting Family and Small Business Tax Cuts Act, also known as Tax Cuts 2.0.
The bill makes permanent the tax cuts for middle-class families and small businesses that have resulted in the lowest unemployment in decades, bigger paychecks, more investments and retirement savings and historic optimism from consumers.
“Tax reform has already yielded incredible results for our hard-working families and the American economy. This bill makes these tax cuts permanent so that the people can keep more of the money that they earned. I believe that people and families – not the government – are the best stewards of the money they earned, and they deserve to spend their money as they see fit,” Dr. Abraham said.
The non-partisan Tax Foundation’s analysis of this bill found that it will benefit the economy and result in 1.5 million new jobs, higher wages, and an increased GDP.
Some of the reforms that will benefit middle class families that Tax Reform 2.0 makes permanent include:
- Lower tax rates
- A doubled Child Tax Credit
- Establishing 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
Tax Reform 2.0 also locks in the first-ever 20 percent deduction for pass-through business income, a provision that is driving Main Street optimism. It also makes permanent reforms that led to more retirement savings and investments.