Building Off Success of Tax Reform, Tax Cuts 2.0 Will Further Improve the Lives of Americans Across the Country
WASHINGTON – Congressman Mario Diaz-Balart (FL-25) issued the following statement after the House approved the Protecting Family and Small Business Tax Cuts Act, the Family Savings Act, and the American Innovation Act, which are collectively known as Tax Cuts 2.0.
“In December, the passage of the Tax Cuts and Jobs Act (TCJA) catapulted our economy into a period of impressive and sustained growth. Consumer confidence remains at an 18-year high, business owners are optimistic, and there are over 6 million job openings nationwide. This week, House Republicans are locking that growth into place by passing legislation that will continue to bolster our economy while providing certainty for families and businesses alike. These bills, known collectively as Tax Cuts 2.0, build off the success of the TCJA and will further improve the lives of Americans across the country.
“The Protecting Family and Small Business Tax Cuts Act locks in the historic tax cuts for middle-class families and small business owners set in place by the TCJA. Lowering tax rates, maintaining the doubled Child Tax Credit, and decreasing tax rates for Main Street businesses will help our economy continue to flourish while allowing families the opportunity to save more of their hard-earned money. As we have seen in the last 10 months from the passage of the TCJA, a stronger economy leads to lower unemployment rates and unprecedented job openings, providing more Americans with the freedom to become financially independent and lift themselves out of poverty.
“The Family Savings Act helps families plan for the future, giving them the resources to save their money for life's most precious moments. It creates flexibility in new and existing savings accounts so that one can decide what's most important to them, and when. Whether it be the arrival of your youngest child or the decision to start working towards paying off your student debt, this legislation allows you to decide how to manage your savings.
“The American Innovation Act supports start-up owners as they seek to build their companies. Entrepreneurs are the engine of our local economy and we must help them navigate through the bureaucratic red tape many face in the beginning phases. By allowing new businesses to write off more of their initial start-up costs, we are providing them with the tools needed to be successful, while giving them the opportunity to quickly contribute towards our communities and the job market.
“I am proud to have voted for these bills that will make a positive difference in the lives of families across the 25th District and the United States. I will continue to work with my colleagues on pro-growth, pro-American policies that offer real solutions for working class people.”