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July 30, 2018

Republican Lawmakers Want Another Tax Reform Bill

Republicans on the U.S. House Committee on Ways and Means last week released a two page summary of a second tax reform bill. As readers will remember, President Donald Trump signed legislation last December reforming the U.S. tax code.

This new proposal would make permanent the tax cuts for individuals and small businesses that were signed into law in December. (Without congressional action, those reductions will expire at the end of 2025.) The bill also proposes to expand access to tax-free retirement savings account and to create new savings accounts for families. Finally, it would let brand-new businesses write off more of their initial start-up costs. Click here to read the Ways and Means Committee’s proposal.

The Metals Service Center Institute supported last year’s tax reform and has continually argued for parity in tax policy for small and large businesses, whether they file their taxes as C-Corporations or pass-through entities. Making last year’s small business tax cuts permanent would make the tax code fairer for all U.S. companies.