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ICYMI | Rep. Kustoff: Tax Relief Will Grow U.S. Economy and Help Struggling Families and Businesses

February 14, 2024

WASHINGTON, D.C. – The Tax Relief for American Families and Workers Act advances proven, pro-growth policies to help American families and businesses struggling in the Biden economy, writes Ways and Means Republican David Kustoff (TN-08) in an op-ed for the Tennessean.

Republican tax reform has a proven track record of delivering results for American families, workers, and small businesses:

In 2017, a Republican Congress passed the Tax Cuts and Jobs Act (TCJA), and it was quickly signed into law by President Donald Trump. This was the first major reform to the federal tax code in over 30 years…

In the two years immediately following the passage of TCJA, GDP growth was a full percentage point higher than the previous 10-year average, unemployment was at the lowest rate in 50 years, wages grew at a rate 4.9% higher than inflation, and household income rose by $5,000.

TCJA ushered in one of the strongest economies in U.S. history by providing relief to middle class families and making it easier for businesses to expand, innovate, and create jobs.”

Three critical, pro-growth policies will help businesses expand, hire workers, and invest in local communities:

It will extend what’s known as bonus depreciation, a tool that allows small businesses to fully and immediately deduct the cost of investments in equipment, machinery, and business-related assets from their taxable income. Bonus depreciation ultimately lowers the cost of capital investment and leads to more jobs, higher wages, and increased productivity.

H.R. 7024 will also restore immediate expensing for research and development costs to encourage businesses to innovate and invest. For decades, America has been the global leader in innovation and the go-to destination for startups and entrepreneurs. Allowing U.S. businesses to immediately deduct research and development costs will help maintain America’s status as the innovation capital of the world.

Further, this legislation will allow small and medium-sized businesses to continue deducting interest costs, a critical tool for keeping manufacturers here at home during a time of high interest rates.”

Read the full op-ed here.