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House Passes Tax Reform 2.0

Congress "Tax Reform 2.0," Accounting Today CNBC H.R. 6757 Family Savings Act of 2018 provide a number of different incentives H.R. 6756 American Innovation Act of 2018

H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018, is the one that would make permanent many of the temporary parts of the Tax Cuts and Jobs Act. This includes the doubled standard deduction, the doubled child tax credit and new individual income tax rates, and the 20 percent deduction for pass-through entities, all of which are set to expire at the end of 2025. Accounting Today noted, though, that the measure won't be taken up by the Senate until next year, and added that the Republicans lack the 60 votes to overcome a filibuster on the matter.