The House Ways and Means Committee recently approved three measures collectively known as Tax Reform 2.0, including the Family Savings Act of 2018.
The Family Savings Act of 2018, which was introduced by committee member Rep. Mike Kelly (R-PA), enables families and workers to have much fairer ways to prepare for the future and be able to tackle everyday challenges.
“With more than 60 percent of Americans not having enough savings to cover a $1,000 emergency expense, the passage of the Family Savings Act is especially critical,” Kelly said. “After all, real financial security is not about how much one makes but about how much one saves. When it comes to protecting the benefits of the Tax Cuts and Jobs Act for everyday Americans, now is the right time to double down on a good thing and make it even better!”
Ways and Means Committee Chairman Kevin Brady (R-TX) said, by advancing Tax Reform 2.0, lawmakers are making sure America’s middle-class families and small businesses keep more of what they earn.
“This is only the first step in the legislative process,” Brady said. “We will continue to listen to members of the House and work to improve Tax Reform 2.0 at every opportunity, as we advance these common-sense measures to the House floor.”
American Council of Life Insurers President and CEO Susan Neely said the bill comes at a critical time for retirement savers.
“Every day, 10,000 Americans reach age 65,” she said. “And, many people can expect to live 20 years, 30 years or longer in retirement. The Family Savings Act will go a long way toward helping Americans save for retirement and ensure their savings last a lifetime. The bill will expand access to retirement plans by encouraging small employers to join together to take advantage of economies of scale to offer their workers a 401(k) or similar plan.”