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U.S. CONGRESSMAN BILL JOHNSON Proudly Representing Eastern and Southeastern Ohio

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Bill Johnson Statement on House Passage of "Tax Reform 2.0"

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Washington, September 28, 2018 | Ben Keeler (330.337.6951) | comments
Congressman Bill Johnson (R-Marietta) released the following statement after the House of Representatives passed “Tax Reform 2.0,” a follow-up to the Tax Cuts and Jobs Act, which was signed into law in late 2017:
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Congressman Bill Johnson (R-Marietta) released the following statement after the House of Representatives passed “Tax Reform 2.0,” a follow-up to the Tax Cuts and Jobs Act, which was signed into law in late 2017:

In December of 2017, President Trump signed the Tax Cuts and Jobs Act into law. Following up on that success, today the House passed Tax Reform 2.0, legislation that builds on the original successful legislation. What I enthusiastically voted for today would make the tax cuts permanent for middle-class families and small businesses. It includes several provisions designed to help working families and employees save for retirement. Here are just a few of the policies it includes:

  • Expands 529 education accounts to give families flexibility to use their education savings to pay for apprenticeship programs, cover the cost of homeschooling, or to help pay off student debt.
  • Allows start-ups to bring in new investors without triggering limits on their access to tax benefits, and provides additional resources to help entrepreneurs start a new business with more capital.
  • Enables families to access their retirement accounts on a no-penalty basis when welcoming a new child into the family, and allows families to replenish those retirement accounts in the future.
  • Contains provisions that permit small businesses to join together to create 401k retirement plans more affordably, and simplifies the rules for participation in employer plans.

Just this month, U.S. jobless claims fell to a 49-year low, consumer confidence hit its highest level in 18 years, jobless claims fell to their lowest level since December 1969, and unemployment remains below 4%. There is tangible evidence that comprehensive tax reform has impacted hard-working Ohioans and those across the country positively. And, I will continue to support policies that benefits taxpayers, and put more of your money back in your pocket. After all, it’s your money, not the federal government’s.

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