'Tax Reform 2.0' Bill to Make Individual Tax Cuts Permanent

House Republicans have unveiled an updated version of the tax cuts law that passed last year, an effort they have dubbed "Tax Reform 2.0."

The House Ways and Means Committee released details about the bill Monday. The package of legislation would make the individual tax cuts and deductions for small businesses permanent. They are currently due to expire in 2026, a point of contention among Democrats when the original bill passed in late 2017.

Committee chairman Rep. Kevin Brady, R-Texas, said the new legislation is designed to give "certainty" to American families.

"We are providing certainty," Brady said. "The Protecting Family and Small Business Tax Cuts Act locks in the tax relief from the Tax Cuts and Jobs Act — which included a nearly doubled standard deduction, a doubled Child Tax Credit, lower rates across the board, and a historic 20-percent pass-through deduction for Main Street businesses. This will create over 1.5 million new jobs, continue to raise wages, and boost long-run GDP."

Three bills make up the legislation package: the Protecting Family and Small Business Tax Cuts Act, the Family Savings Act, and the American Innovation Act.

"Last year we said goodbye to America's old, broken tax code," Brady said. "Under our new system, we're seeing incredible job growth, bigger paychecks, and a tax code that works on behalf of families and American businesses. Now it's the time to ensure we never let our tax code become so outdated again."

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