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Financial Planning > Tax Planning > Tax Reform

House Passes Full 'Tax Reform 2.0' Package

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The full House on Friday passed the third and final bill of Republicans’ Tax Reform 2.0 package, the Family Savings Act, H.R. 6757.

“Middle-class families and our small businesses deserve to keep more of what they earn each and every year,” said House Ways and Means Chairman Kevin Brady, R-Texas, in a statement.

Brady said it was “encouraging to receive 44 Democratic votes in support of elements of Tax Reform 2.0,” adding that he’s “confident that working with the Senate we can advance bipartisan bills to the president’s desk.”

The House passed Thursday afternoon the American Innovation Act, H.R. 6756, and the Family Savings Act, H.R. 6757.

Passage is the Senate of the Tax Reform 2.0 package is seen as unlikely.

However, James Klein, president of the American Benefits Council, expressed his hope that the Family Savings Act “will be conferenced on a bipartisan basis with RESA — the Retirement Enhancement and Savings Act of 2018 (S. 2526) — following hoped-for approval of that measure by the Senate.”

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