Rep. Kelly’s Family Savings Act Approved by Ways & Means Committee

Sep 13, 2018 Issues: Economy and Jobs, Tax Reform
Rep. Kelly’s Family Savings Act Approved by Ways & Means Committee

Major pillar of Tax Reform 2.0 to preserve tax cuts, help families & workers save money for future 

WATCH: Kelly defends bill at committee mark-up hearing

WASHINGTON — U.S. Representative Mike Kelly (R-PA) – a member of the House Ways and Means Committee – participated in today’s full committee mark-up hearing to approve three pieces of legislation collectively known as “Tax Reform 2.0,” including the Family Savings Act of 2018 (H.R. 6757), which Rep. Kelly introduced on Monday. The committee voted to pass Rep. Kelly’s bill as well the Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760) and the American Innovation Act of 2018 (H.R. 6756). All three bills will be considered for final passage by the full House of Representatives in the near future.

Statement by Rep. Kelly:

“Today my colleagues and I on the Ways and Means Committee proudly voted to make tax relief permanent for hardworking families and small businesses in our district and all over our country. 

"With more than 60 percent of Americans not having enough savings to cover a $1,000 emergency expense, the passage of the Family Savings Act is especially critical. After all, real financial security is not about how much one makes but about how much one saves. With my bill’s provisions, families and workers will have new, much fairer ways to prepare for the future and be able to tackle whatever life may throw their way. 

"I look forward to the entirety of Tax Reform 2.0 coming to the floor of the People’s House for final passage. When it comes to protecting the benefits of the Tax Cuts and Jobs Act for everyday Americans, now is the right time to double down on a good thing and make it even better!”

Statement by Ways & Means Committee Chairman Kevin Brady (R-TX):

“By advancing Tax Reform 2.0, we are making sure America’s middle-class families and our small businesses keep more of what they earn, helping families and workers save more for their future, and spurring more new business start-ups here in America.

“It’s a sign of the partisan times that Democrats are not just fighting to raise taxes on our local families and businesses. In today’s votes, Democrats also tried to block families from using their savings for college debt and apprenticeship programs and fought letting moms and dads access their savings when welcoming a new child into their home.

“This is only the first step in the legislative process. We will continue to listen to members of the House and work to improve Tax Reform 2.0 at every opportunity as we advance these common-sense measures to the House floor.”

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

BACKGROUND: The Family Savings Act (H.R. 6757) contains numerous 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.