Washington, D.C. – House Republican Conference Chair Cathy McMorris Rodgers (R-WA) released the following statement after the Senate passed the Tax Cuts and Jobs Act to reform our broken tax code.
“With the Senate’s passage of the Tax Cuts and Jobs Act, we are one step closer to meaningful tax reform that will create more jobs, fairer taxes, and bigger paychecks,” said Chair McMorris Rodgers. “Our plan rewrites the tax code to put American families first, including families who have children with disabilities. I’m proud to say our plan carries on the legacy of the ABLE Act. With this bill, we’re making it easier for everyone to reach their full potential. I look forward to seeing the Tax Cuts and Jobs Act come to Conference Committee, where the House and the Senate will work through the legislative differences to reach an agreement that will head to the President’s desk by Christmas.”
NOTE: Chair McMorris Rodgers is working to ensure the Tax Cuts and Jobs Act is written with families who have children with disabilities in mind. Key tenets of McMorris Rodgers’s “ABLE 2.0” legislative package are included in both the House and Senate versions of the Tax Cuts and 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 and 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 and Jobs Act, visit FairandSimple.gop or text “Tax Reform” to 50589.