Madam Speaker, I yield myself as much time as I may consume. Madam Speaker, for nearly 2 years, Republicans have been advocating for policies that help our families and Main Street businesses save more and save earlier for the future.…
Madam Speaker, I yield myself as much time as I may consume.
Madam Speaker, for nearly 2 years, Republicans have been advocating for policies that help our families and Main Street businesses save more and save earlier for the future.
Following the historic rewrite of our Tax Code, Republicans knew the Tax Cuts and Jobs Act was only step one. We knew that we changed the trajectory of our economy with our reforms.
Today in America, we are growing 50 percent faster than the Obama administration projected. Wages are surging for blue-collar workers and low-income workers for the first time in a decade, and our job market continues to be the envy of the world.
These are all encouraging signs, and Republicans are committed to building on this success for years to come, which is why last year, we set out to change the culture in Washington, where we only do, it seems, tax reform once a generation.
In Tax Reform 2.0, we passed three bills that offered permanent tax relief for families and small businesses, sparked American innovation, and went further and enhanced retirement and savings vehicles for our workers and our local, mainstream businesses.
That effort, the Family Savings Act, was led by Representative Mike Kelly.
Those reforms passed on a bipartisan basis, and our retirement proposals passed the U.S. House of Representatives not once but twice.
Unfortunately, time ran out on the calendar before we were able to get these reforms to the President's desk. But I was greatly encouraged earlier this year when Chairman Neal reached out to say he was committed to getting retirement-focused legislation signed into law this year. This area, retirement savings, is one that Chairman Neal has worked on for much of his career.
Right away, he and I, and many members of our committee worked together to develop the Setting Every Community Up for Retirement Enhancement Act, the SECURE Act, we debate today.
The SECURE Act builds well on the work that Republicans have championed throughout this Congress and the last. Our bipartisan legislation makes it easier for Main Street businesses to offer retirement plans for their workers by making it simpler, easing administrative burdens, and cutting down on unnecessary and often costly paperwork.
We make it easier for them to join together to pool their resources to offer these plans. We offer local businesses the flexibility to tailor retirement plans to best fit their workers, not necessarily what Washington may need.
Additionally, our reforms help Americans not only save earlier in their careers, but it helps families save longer, as well.
We know for a fact that people are choosing to work longer today than in previous generations. Our Tax Code should reflect that, which is why we make smart, needed changes to reflect today's workforce.
First, the age limit for contributing to IRAs is removed, as it should be.
Second, we increase the minimum age for forcing people to spend their savings from 70\1/2\ to 72 years of age. My hope is, someday, we can we remove it completely. We want Americans to save throughout their lifetime and use those savings when they need it most, not when Washington needs it.
This legislation is prowork and, equally as important, our bill is also profamily.
For the first time, we allow what we call the new baby savings provision. We allow parents to access their own retirement accounts on a penalty-free basis to use when welcoming a new child into their homes, whether by birth or adoption. This works well for working parents and stay-at-home parents, as well. It is allowed to be used for the things you need, whether it is medical equipment, medical expenses, or if you need to spend time at home with your new child in those opening weeks. We know all that is so important.
The bill also expands 529 plans to make sure you can use, tax-free, your savings for apprenticeships or to pay down college debt.
Our legislation lowers taxes for Gold Star families, ensuring that children of our fallen heroes have the certainty they deserve. This provision was first made public in 2014 in a draft that was widely praised by Democrats and Republicans alike.
It was brought to us by the Joint Committee on Taxation to make it simpler for families to file their kids' taxes and also to close some tax loopholes for the wealthy. Unfortunately, over 5 years, with scrutiny by both parties, tax experts, and the Joint Committee on Taxation, we still did not see one unintended consequence.
In this bill, we worked together, Republicans and Democrats, to make sure we honor our Gold Star families.
The time is right for these reforms. Workers' paychecks are rising; inflation is low; and businesses are expanding. What better opportunity to help folks save for the future?
Chairman Neal deserves a great deal of credit. The bill we brought to the Rules Committee earlier this week cleared our committee nearly unanimously. Members of the Progressive Caucus, Freedom Caucus, New Democrats, Problem Solvers, and Republican Study Committee, we all voted ``yes'' on these reforms.
This is a rare occurrence in Washington, and it speaks to what a committee can accomplish when we work together on reforms to positively impact our families and economy.
I have to admit, it is incredibly troubling that special interests-- in this case, teachers unions--forced changes on our bipartisan bill for absolutely no good reason at the eleventh hour.
These special interest groups forced Democrats to block two provisions.
One allows parents to use their educational savings tax-free for the expenses of homeschooling. Nearly 2.5 million families use parent- centered, child-centered homeschooling as the best way for their children to reach their potential. It is all types of Americans and becoming more mainstream. It is Christians and Jews and Muslims. It is all races. It is parents whose kids are exceptionally bright and parents whose kids have learning disabilities and severe special needs. That is why that was in the bill.
The second provision that was blocked would allow families with kids in grades kindergarten through 12 to use savings for books, tutors, and educational therapies for students who may need it, such as those with learning disabilities. How many of us in this Chamber have kids with special needs and learning disabilities, some with mental and physical challenges? This would have allowed our parents to save tax-free and to help their kids with the special tools they need to reach their full potential.
I want to talk a little more about this in the future, but my bottom line is that backdoor deals made in the dead of night without bipartisan knowledge or support are not the way to do business.
Nonetheless, as we begin the debate on this bill, I am very encouraged by the underlying bill we have in front of us. It will greatly benefit our workers. It deserves strong support, and I am asking my colleagues on both sides of the aisle to support these reforms.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I yield 3 minutes to the gentleman from Pennsylvania (Mr. Kelly), who has helped lead many of these retirement reforms.
Madam Speaker, I am proud to yield 2 minutes to the gentleman from North Carolina (Mr. Holding), a key member of the Ways and Means Committee.
Madam Speaker, I am proud to yield 2 minutes to the gentleman from Missouri (Mr. Smith), a member of the Ways and Means Committee, who has been a champion for expanding education savings accounts for Americans.
Madam Speaker, I am very proud to yield 2 minutes to the gentleman from Arizona (Mr. Schweikert), a key member of our committee who worked on this legislation.
Madam Speaker, I am proud to yield 2 minutes to the gentleman from Kansas (Mr. Estes), one of our new members of the Ways and Means Committee.
Madam Speaker, I yield 2 minutes to the gentleman from Nebraska (Mr. Smith).
Madam Speaker, I yield 2 minutes to the gentleman from Michigan (Mr. Walberg), who has worked on retirement and pension issues for many years.
Madam Speaker, I yield 2 minutes to the gentlewoman from Missouri (Mrs. Wagner), a leader who has worked for working moms and our veterans.
Madam Speaker, I yield myself 30 seconds.
Madam Speaker, I want to recognize those who worked in a bipartisan way to address the Gold Star issue: Representatives Bacon, Diaz-Balart, Herrera Beutler, Holding, Marchant, Wagner, Waltz, and Wenstrup.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I yield 2 minutes to the gentleman from Florida (Mr. Waltz), a veteran, a Green Beret, and a new Member of Congress.
Madam Speaker, I am very proud to yield 1 minute to the gentleman from California (Mr. McCarthy), the leader for Republicans of the U.S. House of Representatives.
Madam Speaker, I am prepared to close, and I reserve the balance of my time.
I reserve the balance of my time, Madam Speaker.
Madam Speaker, I continue to reserve the balance of my time.
Madam Speaker, I continue to reserve the balance of my time.
Madam Speaker, I continue to reserve the balance of my time.
Madam Speaker, I yield myself 30 seconds.
Madam Speaker, how sad it is that some are trying to make this a partisan, petty measure.
The truth is, in 2014, in an original draft of tax reform, this provision was included by the Joint Committee on Taxation to simplify the Tax Code and to stop tax loopholes. That draft was praised by my Democratic colleagues, by Mr. Neal, Mr. Kind, and Mr. Thompson.
In over 5 years, no one spotted this unintended consequence. When it surfaced, Republicans and Democrats came together immediately and resolved to not just fix it but to make it retroactive.
Why make this a petty, partisan issue? Our Gold Star parents deserve better.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I yield myself the balance of my time.
Madam Speaker, I am proud that, last session, Republicans and Democrats came together to pass a retirement security bill not once but twice because we knew how important this was. I was chairman, and I was proud to help lead that effort.
This year, I am the proudest leader of the Republicans on the Ways and Means Committee to work with Chairman Neal again to make it even better to try to help families save.
But I am disappointed in the process after it left the committee, through no fault of Chairman Neal's.
Just 2 months ago, we heard Democratic lawmakers sit in that seat and say they will work to restore the people's faith that government works in the public's interest. They said they will pass laws and make sure our government acts in the best interests of the American people, not entrenched special interests.
It is unfortunate that every word there was stomped on this week by special interest groups that forced our Democratic friends to make changes to a bill that would help children and parents with costs associated with schools.
The Tax Cuts and Jobs Act allowed parents to save tax-free for schools from kindergarten through 12th grade, and these bipartisan reforms that were stripped from this bill would have allowed parents to use their education savings dollars for homeschooling and additional kindergarten through 12 expenses at public, private, and religious schools.
This is money the families could have used for books, online education material, tutoring, AP classes, university exams, and educational therapies for students, including for kids with disabilities.
Every parent blessed with a special needs child or one who struggles to keep up in school knows the constant search to find the right learning tools, the effective therapies, and the trained tutors to help their challenged children learn.
Apparently, for our teachers' union, that was wrong. They moved effectively to block the ability of parents to help their kids, whether they are gifted, whether they have learning disabilities, whether they need that tutor, or whether a child is severely challenged, mentally and physically, and needs that help.
What do we have to fear from parents who want to help their kids and use their own dollars for it?
What would our Nation be if denied the genius of Steven Spielberg who overcame dyslexia as a child or CNN anchor Anderson Cooper whose parents hired a special instructor to help him overcome his learning disabilities?
Where we would be without business leaders like Steve Jobs, Charles Schwab, Richard Branson, or Henry Ford, all with learning disabilities, all who have made amazing contributions to our country?
Blocking these provisions is not proeducation, and there is no way it is prochild.
It is beyond me how an education association can oppose parents using their own savings to help their child reach their highest potential. But I don't fault them. I fault the lawmakers who are beholden to them, who removed these provisions.
This bill deserves support, and I will strongly support it, but I am terribly disappointed.
Madam Speaker, I yield back the balance of my time.