We have a historic opportunity in front of us—the once-in-a-generation chance to provide tax relief to the hardworking families who need it. pic.twitter.com/45VsHZT8zh
— CathyMcMorrisRodgers (@cathymcmorris) November 30, 2017
House Republican Conference Chair Cathy McMorris Rodgers (R-WA) released the following statement on the House’s motion to go to conference on the Tax Cuts & Jobs Act (H.R. 1), legislation the House and Senate have passed to reform our broken tax code.
“We are on track to send a pro-growth and pro-family overhaul of our nation’s tax code to the President’s desk by Christmas. The work to reconcile the differences between the House and Senate versions will begin soon. Just like at every other key stage in this process, we will be transparent about our progress and we will continue to put Americans first with meaningful reforms that empower families, including those who have children with disabilities, to save and plan for their future.”
NOTE: Chair McMorris Rodgers is working to ensure the Tax Cuts & Jobs Act is written with families who have children with disabilities in mind. Key provisions of McMorris Rodgers’s “ABLE 2.0” legislative package are included in both the House and Senate versions of the Tax Cuts & Jobs Act, including the ABLE to Work Act and ABLE Financial Planning Act.
- ABLE to Work Act: This legislation would allow an ABLE beneficiary who earns income for a job to save up to the Federal Poverty Level, which is currently at $11,770, in addition to their annual contribution limit of $14,000. This is targeted to assist only those disabled individuals who cannot contribute to an employer retirement saving plan.
- ABLE Financial Planning Act: This legislation allows for rollovers from a 529 to a 529A account, but still maintains the annual contribution limit of $14,000. This would allow individuals who may have been saving for their child’s college tuition, which is now no longer needed, to rollover up to the maximum contribution each year until the 529 account has been depleted.
Chair McMorris Rodgers has crisscrossed the country holding roundtable discussions with local families, workers, and small business owners on tax reform. She’s heard from minority entrepreneurs, families in North Carolina, workers in Michigan, small business owners in Virginia, and locals in Pennsylvania.
Upon the passage of the Tax Cuts & Jobs Act in the House on Nov. 16, the Chair said, “We’re looking out for middle class families who deserve the same chance as everyone else to get ahead. The hardworking men and women of America deserve a tax code that puts them first. We’ve created a plan that rewards hard work, encourages innovation and entrepreneurship, and levels the playing field so that everyone plays by the same rules. Our plan to lift the tax burden off Americans puts more money back in people’s paychecks and helps Americans go from garage to global success. We’re bringing jobs back from overseas and strengthening Main Street. Our plan simplifies the tax code, closes loopholes, and creates peace of mind for Americans everywhere.”
To learn more about the Tax Cuts & Jobs Act, visit FairandSimple.gop or text “Tax Reform” to 50589.