MacArthur: Tax Reform 2.0 Expands Saving Options for New Jersey Families, Supports Small Businesses
WASHINGTON, D.C. — Congressman Tom MacArthur supported two pieces of legislation today, the Family Savings Act and the American Innovation Act. The Family Savings Act creates new tax-free savings options for families and individuals, for those welcoming new children, and for those saving for education, as well as makes it easier for employers to offer good retirement options to their employees. The American Innovation Act promotes entrepreneurship and innovation by helping small businesses afford their startup costs and capital.
“Our economy is thriving and New Jerseyans are benefiting from more job opportunity, historically low unemployment, and more money in their pockets. To further empower American families and small business employees, we are making it easier and more flexible to save for the future. Saving money for retirement, college tuition, and other unexpected life events can be difficult, but expanding access to new and current savings accounts will help all Americans achieve fiscal responsibility,” said Congressman MacArthur.
“Small business optimism is at its highest level ever recorded. These companies have the lowest tax rate since World War II and in return, are increasing wages, hiring more Americans, and investing in our communities,” added Congressman MacArthur. “As someone who spent my professional career growing a small business into a national company with thousands of employees, I know how over taxation and burdensome federal regulations can stifle business innovation. This legislation helps, rather than hinders, small businesses with startup costs and capital, and encourages those with the next big idea to start their business.”