House Passes Tax Reform 2.0 w/Kelly Bill to Promote Family Savings

Sep 28, 2018
House Passes Tax Reform 2.0  w/Kelly Bill to Promote Family Savings

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WASHINGTON — The U.S. House of Representatives passed a legislative package over the last two days known as “Tax Reform 2.0” including the Family Savings Act of 2018 (H.R. 6757), which U.S. Rep. Mike Kelly (R-PA) – a member of the House Ways and Means Committee – introduced earlier this month. The House-passed package also includes the Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760) and the American Innovation Act of 2018 (H.R. 6756), each of which Rep. Kelly is an original co-sponsor.

Statement by Rep. Kelly on final passage of Tax Reform 2.0:

“I am thrilled to see the People’s House pass all three pillars of Tax Reform 2.0 with bipartisan support. After the undeniable success of the Tax Cuts and Jobs Act for every American, passing a sequel to make its best parts permanent is just plain common sense. When my colleagues and I crafted and enacted tax reform last year, our goal was clear: lower taxes for middle-income families and workers, more jobs, and a stronger economy. With millions of households now enjoying more take-home pay and a skyrocketing economy producing more job openings than ever before, our goal wasn’t just met—it was surpassed.

“With Tax Reform 2.0, Americans don’t just get to keep more of their hard-earned money—they’ll have all-new ways to save it for the future. Real financial security is measured not by how much one makes but how much one saves, and currently, we’re a nation of spenders and not savers. My Family Savings Act contains numerous provisions to change that trend and help Americans better prepare for retirement and whatever life may throw their way. Simply put: just as tax reform was about putting more money in every hardworking taxpayer’s pocket, Tax Reform 2.0 is about helping them save that money earlier and easier.”

Excerpt of Rep. Kelly’s floor speech on the Family Savings Act (H.R. 6757):

“I rise in support of H.R. 6757, the Family Savings Act, which will make it easier for families and individuals to save for their future, whether it’s retirement, education, or healthcare, helping them to make sure they’re keeping more of their hard-earned money and planning for the future. This bill will also help local businesses provide retirement plans to their workers and help workers participate more in those plans.

“One of the things I remember so clearly from growing up is my parents saying to me and my siblings, ‘We never want to be a burden to you kids.’ And I thought as a young person that I could never think of my parents as a burden to me – not for everything they did for me. But just think about that for a minute. That generation – the ‘Greatest Generation’ – was telling us they never wanted to be a burden to the next generation.  And what we’re talking about today is relieving the burden on the next generation by making it easier for people to go into retirement feeling that they have enough income to enjoy their golden years.”

Statement by Ways & Means Committee Chairman Kevin Brady (R-TX) on H.R. 6760:

“Middle-class families and our small businesses deserve to keep more of what they earn each and every year. This is an important step forward to keep the economic momentum of America rolling. It’s encouraging to receive 44 Democratic votes in support of elements of Tax Reform 2.0.  I’m confident that working with the Senate we can advance these bipartisan bills to the President’s desk.”

Chairman Brady on H.R. 6756 and 6757:

“House Republicans showed the American people today that we’re committed to changing the culture in Washington where we used to do tax reform only once a generation. These two bills ensure American families have the resources they need to save more and earlier and give future entrepreneurs the tools to move from the kitchen table to Main Street and beyond. Tax Policy Chairman Vern Buchanan and Rep. Mike Kelly led the charge on these efforts, and this legislation is going to make a real difference for families, new businesses, and communities across the country.”

Following today’s passage of the third and final piece of Tax Reform 2.0, Rep. Kelly joined Ways & Means Committee Chairman Kevin Brady in the Capitol to discuss the legislation with press

One-page summaries of each pillar of Tax Reform 2.0 can be found at the links below:

  1. Promoting financial security by helping families save more money for retirement & more (Rep. Kelly’s bill)
  1. Protecting tax cuts for individuals, families, & small businesses by making them permanent
  1. Supporting innovation by helping entrepreneurs turn their ideas into enterprises

NOTE: The Family Savings Act (H.R. 6757) is supported by numerous major organizations, including AARP, the American Securities Association, Associated Builders and Contractors, the American Council of Life Insurers, Americans for Tax Reform, the Heritage Foundation, the National Electrical Contractors Association, and many others. A larger list of supporters of Tax Reform 2.0 can be viewed here and here. A letter from the Family Research Council specifically praising the bill’s pro-life provision recognizing “unborn children” can be read here.

BACKGROUND: The Family Savings Act contains many provisions of a bipartisan bill previously introduced by Rep. Kelly known as the Retirement Enhancement and Savings Act (RESA) of 2018 (H.R. 5282). Rep. Kelly is the founder and co-chairman of the bipartisan House Retirement Security Caucus.

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