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ICYMI: Rep. LaHood: Small Businesses and Workers Need the Tax Relief for American Families and Workers Act

March 07, 2024

WASHINGTON, D.C. – The Senate must move forward and pass the Tax Relief for American Families and Workers Act to deliver tax relief for American families, writes Ways and Means Republican Darin LaHood (IL-16) in an op-ed for the Chicago Sun Times.

The legislation builds on the success of Republican tax reform and responds to real needs in our communities:

“The Tax Relief for American Families and Workers Act, which passed out of the House by a vote of 357-70, builds on the tax reform we passed in 2017, bolstering the financial security of Illinois families and small businesses at a time when they need it most. As I’ve traveled throughout Illinois, I hear regularly from small businesses and workers about the negative impact of inflation, the rise in energy and grocery costs and lack of incentives to build a business in Illinois.”

Supporting rural communities, low-income Americans, and eliminating a penalty on large families:

“The bill includes sensible improvements to the child tax credit that give a boost to our rural communities and low-income families. The legislation increases the refundable portion of the child tax credit to allow families to claim more of the credit amount, as well as eliminate an unintended penalty currently in place that impacts families with multiple children. The bill also maintains important work incentives that will not only help families get out of poverty quicker, but also encourage individuals to get back into the workforce.”

More jobs and higher wages thanks to proven, pro-growth policies:

“To support small businesses, we boost interest expense deductions and allow for the 100% expensing of investments in facilities and machinery. We also restore the immediate expensing of research and development investments made in America, incentivizing companies to stay in the U.S. and increasing our competitiveness against China. The Tax Relief for American Families and Workers Act will provide relief for Illinoisans at a time when our communities need it most. With the cost of goods and services still high and inflation driving down wages, our bipartisan tax bill will help working families and encourage made-in-Illinois investments that will create jobs and lead to higher wages.”

Read the full op-ed here.