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The Brady Briefing



Making your tax cuts permanent

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Washington, July 30, 2018 | comments

By: U.S. Congressman Kevin Brady
 
More incredible news for the economy last week – second quarter GDP grew at 4.1 percent thanks to a more competitive tax code and bold regulatory reforms!

As families across the country are experiencing higher wages, more job opportunity and a booming economy – it’s clear the tax cuts are working, and Americans are better off now. In fact, Texans are coming out on top. People in the 8th Congressional District will see an average savings in their tax bill in 2018 of over $1,600. Nancy Pelosi may consider this crumbs, but in Texas households, it represents more disposable personal income for not just daily necessities like truck payments and groceries, but also empowers families to invest and save for their future.

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But House Republicans are not done when it comes to cutting your taxes, not by a long shot. When something is working this well, I say let’s keep going. So, I’m working with the White House and my colleagues on the Ways and Means Committee to build a framework we’re calling Tax Reform 2.0. We have three goals.

First, make the tax cuts for individuals and small businesses permanent. Second, help families save more and save earlier with proposals such as expanded 529 education accounts. And third, spur new business innovation by allowing new businesses to write off more of their initial start-up costs and removing barriers to growth. The Tax Cuts and Jobs Act was about changing the trajectory of our economy for the better and 2.0 is about changing the culture in Washington so that every year Congress will take action to ensure our tax code continues to be more competitive, innovative and better.

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I congratulate President Trump for reaching an important and timely agreement with EU Commission President Juncker to negotiate zero tariffs, zero subsidies, and zero barriers with the EU, as well as to strengthen and reform the WTO to address the distortions created by China’s unfair and dishonest trade practices. This start is excellent news. I look forward to working with President Trump to finalize this bold agreement, as well as modernize and strengthen NAFTA, and craft an historic new solution on trade with Chinese President Xi Jinping that levels the playing field for our farmers, workers and businesses. 

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Last week the House passed important healthcare legislation that helps Americans make the most of their hard earned dollars. These bills expand the utility of tax-preferred health accounts to help individuals plan and save for their healthcare needs. The House also passed measures that stop two harmful Obamacare taxes: The Medical Device Tax and the Health Insurance Tax. These taxes raised premiums and hurt American families and small businesses. I will continue to work to put patients first and make healthcare more affordable for American families.

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The Senate confirmed a new Secretary of Veterans Affairs, Air Force Reserve Officer Robert Wilkie. He’s already helped the VA make progress by starting the process that will allow the VA and Department of Defense to share electronic health records. I look forward to seeing how he continues to improve the VA so that the thousands of veterans I represent get the quality care they deserve. 

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Just a quick reminder that my staff and I, both in the district and in DC, are here to serve you. Whether you’re having trouble with a government agency, such as the Social Security Administration, or looking to get a tour of the Capitol Building when visiting Washington, D.C., we are ready to assist you. Please visitKevinBrady.House.Gov to learn more about the constituent services we offer.

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