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ICYMI | Rep. Schweikert: Bipartisan Tax Bill would Help Arizona Businesses Grow, Boost Productivity

April 19, 2024

WASHINGTON, D.C. – The Tax Relief for Working Families and Small Businesses Act would provide small businesses and households with targeted and immediate relief, writes Ways and Means Republican David Schweikert (AZ-01) in an op-ed with the Phoenix Business Journal.

Research and Development expensing is an investment in the future:

“Simply put, R&D expensing is an investment in our country’s economic future. Allowing businesses to deduct R&D expenditures ensures that money otherwise used for bearing the financial burdens of running a business can be reinvested into developing technology and innovative solutions that will enhance productivity, boost global competitiveness, and stimulate economic growth. This provision alone is estimated to generate over $70 billion in new R&D investment and support over 21 million American jobs while providing the government with more than an 8-to-1 return on its investment.

73,000 new jobs are on the line if the Senate fails to act:

“Similarly, the Tax Relief for American Families and Workers Act extends the allowance of a 100% bonus deduction for capital equipment and assets, giving businesses the green light to streamline their operations, upgrade manufacturing equipment and heavy machinery, and embrace state-of-the-art innovations that drive productivity. This provision is estimated to increase investment by $400 billion and create 73,000 new jobs.

Every day the Senate waits to pass this bill is a wasted opportunity:

“This bipartisan tax bill provides much-needed relief to struggling families and small businesses, spurs innovation and job creation, and paves the way for a brighter and more prosperous future for all Arizonans. Now, this tax package awaits its fate in the Senate, while every day that passes is a wasted opportunity to deliver for our communities in need. Bipartisan victories are few and far between in this Congress. We have the chance to enact meaningful and impactful tax reform for hardworking Americans. I urge my colleagues in the Senate to seize this moment and act in the best interest of our nation’s economic future.”

 You can read the op-ed here.