The bills focus on making permanent certain provisions of the
Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and
small businesses. They also promote family and retirement savings
and new business innovation. For example, one proposal would allow
new businesses to write off more of their initial start-up costs.
Here's a brief overview of the three bills.
Protecting Family and Small Business Tax Cuts
Act
Many provisions of the TCJA currently are scheduled to expire
after 2025. The proposed Protecting Family and Small Business Tax
Cuts Act of 2018 would make the following individual and
business-focused provisions permanent:
Individuals
- Lower individual tax rates;
