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ICYMI | Rep. Steel: Congress Can and Should Deliver Tax Relief for Working Families & Small Businesses

February 14, 2024

WASHINGTON, D.C. – American families and small businesses struggling with high costs will soon receive help thanks to the Tax Relief for American Families and Workers Act passed in the House of Representatives, writes Ways and Means Republican Michelle Steel (CA-45) in an op-ed for the Orange County Register.

Relief for working families:

The Tax Relief for American Families and Workers Act will enhance the child tax credit, adjust it for inflation, and eliminate the penalty for large families. We were able to protect key provisions that require participation in the workforce to prevent a drop in current employment. Too many families are suffering from historically high inflation that has caused the price of living to skyrocket. This legislation ensures more of the money hardworking families earn stays in their pockets.”

Pro-growth policies that support local small businesses:

“It will empower local startups and small businesses with the tools they need to compete here and across the globe. It allows small businesses to begin immediate expensing for equipment and machinery. If a factory or fabrication shop needs a new machine, they are now in a better position to grow their business instead of holding off on costly investments for future years. We were also able to secure interest deductibility, a very timely provision due to the high interest rate. This will help small- and medium-sized businesses as they face difficult decisions including taking a loan to meet the payroll or expand.”

Support for research and development to help workers and businesses compete with China:

California leads the country in research and development (R&D) and this legislation will be a big boost for our state. We will restore a provision that allows immediate expensing of R&D investments made locally. This will protect middle-class jobs from being outsourced from the U.S. to other countries that provide 200% credits for R&D.  It is crucial that we empower our economy to be more self-sufficient as we continue to compete against the Chinese Communist Party and their bid for world economic dominance.”

Read the full op-ed here.