WASHINGTON, D.C. – Following the Senate’s failure to pass the Tax Relief for American Families and Workers Act, Ways and Means Chairman Jason Smith (MO-08) issued the following statement:

“I’m disappointed that the Senate was unable to pass the pro-family, pro-worker legislation that passed with an overwhelming majority of votes in the House of Representatives. This legislation maintained work requirements for the Child Tax Credit while eliminating penalties for large families. It also included broad pro-growth tax relief by restoring full deductibility for research and development, supporting over $70 billion in new investment, 2 million direct R&D jobs, and over 21 million jobs total. Allowing full and immediate expensing for machines and equipment would have added $400 billion in investment, 73,000 jobs, and greater productivity across the economy. And allowing businesses to deduct interest would create 867,000 new jobs and generate an additional $58 billion in take-home pay for American workers.

“I remain committed to delivering relief to American families and small businesses. The Ways and Means Tax Teams are hard at work developing proposals for 2025 to build on the success of the Trump tax cuts, and to ensure that Washington Democrats don’t achieve their dream of a $7 trillion tax hike.”