Billy Long: We need more tax reform

(From Seventh District Congressman Billy Long)

Before the Tax Cuts and Jobs Act (TCJA) was signed into law last December, Americans had to deal with a decades old tax code that had not been updated since Ronald Reagan was president.

With the leadership of President Trump, that all changed. Since the tax cuts were signed into law, 1.7 million jobs have been added to the economy, the unemployment rate is the lowest it’s been since 1969, hardworking Taxpayers have more money in their pockets and businesses have used their savings to invest in both their employees and equipment.

As great as this news is, there is still more work that needs to be done. My Republican colleagues and I have been working on legislation, Tax Reform 2.0, to build upon the TCJA’s successes. This September, the House of Representatives passed the three bills that make up Tax Reform 2.0: the American Innovation Act, the Family Savings Act and the Protecting Family and Small Business Tax Cuts Act.

The American Innovation Act would help start-up businesses by providing incentives to expand and bring on new investors while also allowing them to write off even more of their start-up costs than previously allowed. Essentially, this bill would provide individuals wanting to start their own businesses the necessary resources to do so.

The Family Savings Act aims to help families save more money. This bill would allow businesses to create additional ways for individuals and families to save by partnering up with other small businesses to create a 401(k) plan that is both affordable and easy to use. Along with helping individuals save more, this bill would also allow military reservists to contribute the maximum amount to their civilian retirement accounts, military thrift savings plans and 401(k)s.

The third and final piece of Tax Reform 2.0 is the Protecting Family and Small Business Tax Cuts Act, which would finally make the tax cuts for businesses and individuals permanent. According to the Tax Foundation, making the individual and small business tax cuts permanent would create 1.5 million jobs, increase wages by almost 1 percent and increase the gross domestic product by 2.2 percent.

All three Tax Reform 2.0 bills were passed in the House in September with little to no support from across the aisle. These bills would give individuals and businesses the certainty they need and deserve while also allowing the economy to continue to grow.