Republican tax plans include making US cuts permanent: documents
FILE PHOTO: Chairman of the House Ways and Means Committee Kevin Brady (R-TX) listens to testimony before the committee on tax reform on Capitol Hill in Washington, U.S., May 23, 2017. REUTERS/Joshua Roberts

Republican plans to build on last year’s U.S. tax legislation include making individual and small business tax cuts permanent, expanding savings plans and giving breaks to start-up companies, according to documents released on Tuesday by the chief architect of the legislation.

The broad framework for “Tax Reform 2.0” released by House of Representatives Ways and Means Committee Chairman Kevin Brady calls for creating new Universal Savings Accounts for families, while expanding the ways the college-savings accounts known as “529s” can be spent and allowing parents to cover the expenses for newborns or recent adoptees with their retirement savings accounts.

Reporting by David Morgan; Writing by Lisa Lambert; Editing by Bill Trott