Today, House Ways and Means Committee Chairman Kevin Brady (R-TX) released the following statement after introduction of a retooled tax relief package that is led by crucial disaster tax relief, enhancements to retirement and savings accounts, relief from various Obamacare taxes, bold IRS reform, and other tax provisions:
“It’s irresponsible to wait until next year to deliver crucial tax relief for families in 14 states and territories struggling to recover from devastating wildfires, hurricanes, flooding, and other storms. Both parties need to come together to help these communities now.
“This package delivers bipartisan relief from some of Obamacare’s most egregious taxes including ones that stifle innovation, reduce jobs, and increase the cost of families’ health insurance.
“The package also includes bipartisan negotiated reforms to redesign the IRS for the first time in two decades, and helps workers save more and earlier for retirement and for their children’s education. It includes a handful of routine minor adjustments to the Tax Cuts and Jobs Act, similar to the nearly 250 tax technical corrections required following the bipartisan Reagan tax reform of the 1980’s.”
CLICK HERE to read the bill.
Background: Items in this legislation include, but are not limited to:
- Disaster Tax Relief: Targeted and needed temporary tax relief for folks hit by storms and natural disasters in Alabama, California, Florida, Georgia, Hawaii, Indiana, North Carolina, South Carolina, Texas, Virginia, Wisconsin, American Samoa, Guam, and the Northern Mariana Islands.
- Retirement and Family Savings: Provisions from the House-passed Family Savings Act – including expansion of 529 savings accounts – as well as the Senate Finance Committee-passed Retirement Enhancement and Savings Act.
- Obamacare Tax Relief: Delays the Medical Device Tax for five years, delays the Health Insurance Tax for two years, delays the Cadillac Tax for one year, and permanently repeals the Tanning Tax.
- Various Tax Provisions: Includes several minor and time-sensitive technical corrections to the Tax Cuts and Jobs Act. Additionally, includes clarification regarding treatment of veterans groups under existing infrastructure-related provisions. The bill also contains some important provisions for tax-exempt entities, including repealing a tax on transportation fringe benefits for such entities and repealing the Johnson Amendment.
- Bold IRS Reform: Includes bipartisan, bicameral provisions to ensure the IRS puts taxpayer’s first. These provisions passed the House nearly unanimously earlier this year.