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ICYMI | FreedomWorks: Don’t Fumble This No-Brainer Tax Bill

March 13, 2024

WASHINGTON, D.C. – After three years of wage-crushing inflation and rising interest rates, the House of Representatives has moved the Tax Relief for American Families and Workers Act into the legislative redzone, giving the Senate a critical opportunity to score a touchdown for the American people, writes FreedomWorks President, Adam Brandon, in an op-ed for Real Clear Politics.

Republicans should build on the successful foundation they created in the 2017 GOP tax law:

“Now, imagine both Mahomes and Kelce were up for contract extensions next year. They’re not, but play along. Would you extend their contracts? Is it even a question? Can you imagine the confusion and anger if Kansas City let them go? This is how I feel about the Tax Relief for American Families and Workers Act. We’ve got a great thing going, with demonstrable success, and now it’s up to the Senate to re-sign this powerhouse growth legislation for another term.”

Extending key provisions from the 2017 GOP tax cuts will help small businesses thrive in the Biden economy:

“First, it extends three potent tax relief provisions targeting business investment, research and development, and deductions. Not surprisingly, when you reduce the cost of business investment and research and development (R&D), you get more investment and innovation. A whole lot more. Investment grew 20%, and businesses put an extra $2 trillion into R&D. What was the result? More than 21 million jobs supported by the R&D investment alone, with an additional 867,000 jobs if we extend the interest deduction relief…” 

“…As CEO of the National Association of Manufacturers, Jay Timmons, put it, ‘Remember the 2017 tax reforms? They were rocket fuel for our industry. We kept our promises to raise wages, hire workers and invest in our communities. We would not be outpacing other countries without them.’ To be sure, the bill doesn’t overlook the heart and soul of the U.S. economy – small businesses. It would increase small business expensing by $290,000 more than the 2017 reforms and cut red tape by adjusting the reporting threshold for subcontract labor – the first update since the 1950s.” 

Strengthen the Republican Child Tax Credit to help working families:

“As the bill’s title suggests, it also provides families with tax relief by updating the child tax credit in four ways: It eliminates the penalty for families with more than one child, expands the credit’s refundability, indexes the current $2,000 topline credit to inflation, and provides flexibility for families to use a prior year’s income to calculate the credit.”

Read the op-ed here.