Written by DML
Below is a very important report which I ask you to please share on your social media accounts.
One of President Trump’s biggest accomplishments to date is his tax overhaul law that went into effect almost a year ago.
Two weeks ago, the House Ways and Means Committee approved several bills that Republicans have dubbed Tax Reform 2.0. The legislation would make the recently reduced tax rates for individuals permanent and would expand tax-advantaged savings accounts, including for retirement and education.
Below is a list of ten facts about Tax Reform 2.0, according to Americans For Tax Reform.
Tax Reform 2.0 will make the $2,000 child tax credit permanent giving tax relief to over 22 million families.
Tax Reform 2.0 will make the $12,000 standard deduction permanent giving tax relief to over 105 million families and individuals.
Tax Reform 2.0 Increases the ability of families to deduct high medical bills.
Tax Reform 2.0 makes the 20 percent small business deduction permanent, ensuring tax reduction for 28 million businesses organized as pass-through entities.
Tax Reform 2.0 allows families to withdraw $7,500 from a retirement account penalty free to pay for childbirth or adoption expenses.
Tax Reform 2.0 Creates new, Universal Savings Accounts where families can save $2,500 tax free to be used on any expense.
Tax Reform 2.0 expands 529 education savings accounts to allow families to pay for apprenticeship costs and to cover the cost of home schooling.
Tax Reform 2.0 eliminates the restriction on seniors aged 70 ½ from contributing to retirement accounts.
Tax Reform 2.0 makes it easier for small businesses to band together to create a 401(k) plan.
Tax Reform 2.0 promotes entrepreneurship by allowing start-ups to deduct up to $20,000 in start-up expenses.