Tax – House Committee Approves Second Round of Tax Cuts

On September 13, the House Ways and Means Committee approved a package of three tax bills (H.R. 6760, H.R. 6757, H.R. 6756), collectively referred to as “Tax Reform 2.0”. H.R. 6760 makes permanent the individual tax cuts from last year’s Tax Cuts and Jobs Act that are presently set to expire in 2025; H.R. 6757 makes various changes to retirement savings rules, including allowing penalty-free withdrawals for expenses related to birth or adoption; and H.R. 6756 makes various tax changes for startup companies. The full House is expected to vote on the package by the end of the month. House Speaker Paul Ryan (R-WI) has said he wants the measure voted on before leaving for the recess and the final campaign push before November. The Arc opposes Tax Reform 2.0 as it sharply reduces federal revenue, extends tax cuts that primarily benefit wealthy individuals, and will create greater pressure to cut critical programs for people with disabilities. Read more from the Center on Budget and Policy Priorities here and see the statement from CCD’s Fiscal Policy Task Force here.

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