Protecting Family and Small Business Tax Cuts Act of 2018

Bill 115 hr 6760, also known as the Protecting Family and Small Business Tax Cuts Act of 2018, was introduced in the US Congress with the aim of extending certain tax cuts that were implemented under the Tax Cuts and Jobs Act of 2017. The bill focuses on providing tax relief for families and small businesses by making permanent certain provisions that were set to expire in the future.

Some key provisions of the bill include the extension of individual tax rate cuts, the doubling of the standard deduction, and the expansion of the child tax credit. Additionally, the bill aims to make permanent the 20% deduction for pass-through businesses, which are businesses that are not taxed at the corporate level but instead pass their income through to their owners.

The bill also includes provisions related to retirement savings, such as increasing the contribution limits for individual retirement accounts (IRAs) and 401(k) plans. These changes are intended to encourage individuals to save more for their retirement and provide additional tax benefits for doing so. Overall, the Protecting Family and Small Business Tax Cuts Act of 2018 seeks to provide long-term tax relief for families and small businesses by making certain tax cuts permanent and encouraging savings for retirement. The bill has received support from many Republicans in Congress who believe that these tax cuts will stimulate economic growth and benefit American families and businesses.