House Republicans unveil bills for second round of tax cuts

House Republicans have introduced bills for a second phase of tax cuts, after the Trump administration announced plans to pursue "tax reform 2.0" as a follow-up to last year's legislation. 

On Monday, House Republicans introduced three bills — the Protecting Family and Small Business Tax Cuts Act of 2018, the Family Savings Act of 2018 and the American Innovation Act of 2018 — to further slash taxes and make other changes to the nation's tax code. The Trump administration was criticized when last year's legislation, known as the Tax Cuts and Jobs Act, made the cut in the corporate tax rate permanent but allowed for cuts for individuals to expire after 2025. Republicans' new legislation would make cuts for individuals and small businesses permanent. 

The package of bills comes less than two months ahead of the November midterm elections as Republicans hope to keep control of the chamber. 

"Last year we said goodbye to America's old, broken tax code," House Ways and Means Committee Chairman Rep. Kevin Brady said in a statement introducing the bills. "Under our new system, we're seeing incredible job growth, bigger paychecks, and a tax code that works on behalf of families and American businesses. Now it's the time to ensure we never let our tax code become so outdated again. We look forward to bringing these bills to the committee soon."

The bills also aim to ease rules around retirement savings and start-up companies, among other changes. 

 Read more at CBS News

Current News

It’s Susan Collins’s Moment

It’s Susan Collins’s Moment

If Brett Kavanaugh were on trial for sexual assault, all he’d need do is demonstrate reasonable doubt about the charges being made against him. But a Republican nominee to the Supreme Court is tried in the media, where Mr. Kavanaugh must now do the impossible: prove an assault never happened  Read more

State Department caps refugee admissions at lowest point ever: 30,000

State Department caps refugee admissions at lowest point ever: 30,000

The Trump administration will dramatically restrict the number of refugees allowed to resettle in the United States next year — allowing no more than 30,000 people who are fleeing war, violence and persecution across the globe to make a new home in America  Read more

Trump directs FBI, DOJ to declassify Russia-related documents, James Comey texts, and more

Trump directs FBI, DOJ to declassify Russia-related documents, James Comey texts, and more

President Trump on Monday ordered the Justice Department and FBI to immediately declassify key documents related to the FBI’s investigation on Russian actions during the 2016 presidential election -- including text messages from former FBI Director James Comey and other top officials  Read more

House Freedom Caucus threatens to withhold votes on spending bills

House Freedom Caucus threatens to withhold votes on spending bills

House conservatives, increasingly frustrated they’re getting shut out of the spending debate on Capitol Hill, now are reaching for relevance by saying they could withhold their votes unless they begin to see wins for their priorities  Read more

Helping Small Businesses in a Tight Labor Market

Helping Small Businesses in a Tight Labor Market

By the numbers, the economy offers a number of encouraging signs. The unemployment rate has dropped below 4 percent  Read more

Devin Nunes says House Intel will release Russia investigation deposition docs

Devin Nunes says House Intel will release Russia investigation deposition docs

House Intelligence Committee Chairman Devin Nunes, R-Calif., said Sunday his panel will move to have all of the documents related to witness interviews conducted as part of its Russia investigation released to the public before the 2018 midterm elections  Read more