Amid last week’s media frenzy over the Supreme Court confirmation hearings, the U.S. House of Representatives got down to work and passed President Trump’s Tax Reform 2.0.
The three-bill package will help middle-class families and small businesses by making the tax cuts permanent.
Rep. Jim Renacci (R-OH-16) has been a key advocate of extending middle-class tax relief, working with the White House to pass Phase 2 of reform. In fact, the package includes Renacci’s bipartisan Retirement Security for American Workers Act, which makes it easier for small businesses to provide retirement savings options for their employees.
Today, I spoke on the House floor in support of the Family Savings Act of 2018. Part of #TaxReform 2.0, the bill will provide an avenue for American families to save for the future and be prepared for key life events.
You can watch my full speech here:https://t.co/cee3rjTxEm
— Rep. Jim Renacci (@RepJimRenacci) September 27, 2018
The tax package creates new savings options for families to plan for education and retirement. It also allows penalty-free withdrawals from retirement plans for birth and adoption expenses.
Given his background as a CPA and businessman, Renacci says rewriting the tax code to favor American workers came naturally. But the left-wing media made frivolous attacks in an attempt to generate sound-bytes against the Republican plan.
Renacci’s opponent, Sen. Sherrod Brown (D-OH), joined the choir of complainers. He continues to rail against tax reform, calling it a “scam.” This, despite overwhelming evidence it’s helping Americans of all income levels.
Contrary to what Brown says, a new analysis from Congress’ Joint Economic Committeeshows the benefits of making the tax cuts permanent would mostly go to low- and mid-level income earners.
Renacci told The Ohio Star that Brown is stubbornly wedded to his position on tax relief for Americans. Don’t expect him to change.
“Senator Sherrod Brown is just plain wrong about these tax cuts,” he said in an email to The Star. “The average Ohioan saved nearly $2,000, which can go a long way towards grocery bills or paying down debt. I am proud to have been a chief architect of the Tax Cuts and Jobs Act. And now I’m fighting to ensure the tax cuts for individuals are made permanent so Ohioans can continue to see more money in their pocket each month. Senator Brown should be fighting for the people of Ohio – not the special interest groups that fill his campaign war chest.”
Nearly 50 companies in Ohio have announced bonuses, pay hikes, improved benefits, and plans to give more to charity.
“Even utility companies are lowering their rates. Tax reform is enabling Ohio businesses to invest in workers, innovation, and future generations,” Renacci wrote in an op-ed last week for Fox News.
Investor’s Business Daily also editorialized on the new package of reforms, debunking the Democrats’ failing argument that the tax cuts only benefit the rich:
There’s little question among serious economic thinkers that the tax cuts that went into effect this year have given the economy a major boost…In short, the argument that this is a tax cut for the rich has completely fallen on its face, and Democrats know it. But it’s the only argument they’ve got.”
The only argument they’ve got.
Mandi Merritt, spokeswoman for the Republican National Committee, says Brown is echoing the false talking points of his party. But until he gets a memo to change his tune, he won’t.
Merritt said Renacci will continue to champion middle-class tax relief and accomplish meaningful reform for Ohioans.
“Sherrod Brown and his do-nothing legislative record continues to fail Ohio families,” she said. “Ohioans will remember who had their backs when they head to the polls in November to retire Sherrod Brown.”
Brown has been in Washington for 25 years, first as a congressman followed by two terms in the Senate. Before that he was an Ohio state lawmaker and Ohio secretary of state.
He may have forgotten what it’s like to hold down a regular job, or operate a business.
The Senate still must pass Tax Reform 2.0. There is almost no chance Brown will defy his party bosses and get on board.
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Anthony Accardi is a writer and reporter for The Ohio Star.