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PSCA Executive Reports

June 28, 2018

Tax Reform 2.0

House Ways and Means Chairman Kevin Brady (R-TX) said on June 26 that he hopes to release an outline of a second tax reform bill focusing on “permanency” before Congress leaves for its August recess. Votes will be held “in the fall.” Additionally, Chairman Brady said, “There are areas, for example, in retirement savings that we didn't get to in tax reform. We think the timing is right to help families save more and earlier in their life, whether it's for health care or school for their kids or retirement.” 

Sources say the Committee is looking at proposals that could involve Rothification to help pay for permanent individual rate cuts. For example, it is possible that the Committee could look at proposals considered during last year’s work on tax reform legislation, including a proposal to make catch-up contributions only available on a “Roth” basis. The Committee is also reportedly considering the creation of a “universal savings account” that would allow individuals to make after-tax contributions that could grow income-tax free and make withdrawals at any time for any reason. The Tax Reform 2.0 legislation also could include some of the Retirement Enhancement and Savings Act (“RESA”) provisions (e.g., the pooled employer/open multiple employer plan provisions). 

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