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Chairman Smith Opening Statement: Floor Debate – Tax Relief for American Families and Workers Act

January 31, 2024 — Blog    — Opening Statements    — Press Releases    — Select Revenue Measures   

“Parents and Main Street communities across this country will see lower taxes, more opportunity, and greater financial security after we pass this legislation.”

As prepared for delivery.

“The Tax Relief for American Families and Workers Act is pro-growth, pro-jobs, and pro-America. 

“This legislation locks in $600 billion in pro-growth tax policies by restoring three key provisions from President Trump’s successful 2017 tax reform that have a proven record of creating millions of jobs, raising workers’ wages, and sparking more investment and economic growth here at home.

“This bill restores full R&D expensing, interest deductibility, and 100 percent expensing. Each of these policies will help American businesses grow, create jobs, and sharpen their competitive advantage against China. This will create over $70 billion in new R&D investment and over 900,000 new jobs; increase small business investment by $400 billion, and generate $58 billion in additional take-home pay for American workers.

“Today, America’s small businesses are being pummeled by high prices and interest rates. 

“This package raises the expensing cap for small businesses beyond the limit set in the 2017 tax reform. And it cuts paperwork for those same businesses, by updating an IRS form last changed when Eisenhower was president.

“Not only are we helping businesses here at home, but this tax relief package also ensures America is standing with our key economic partner, Taiwan, by ending double-taxation on American workers and businesses operating in both countries.

“The Child Tax Credit provisions reflect the same structure established by the 2017 tax reform. We maintain work requirements while enhancing the benefit to support families crushed by today’s inflation and remove the penalty for families with multiple children. It’s both pro-work and pro-family. 

“The reforms include meaningful tax relief for those affected by natural and man-made disasters and encourage more construction of safe, affordable housing. 

“At the end of the day, we are replacing bad tax policy with good tax policy by cutting off funding for the employee retention tax credit – a COVID-era program that costs six times its original amount and is so riddled with fraud, that the IRS put it on its “dirty dozen” list of the worst scams in America. This will save American taxpayers over $75 billion.

“There’s a reason that over 450 groups representing Americans from all walks of life support this legislation – that includes job creators, those supporting workers and families, and those defending the right to life. It’s a strong, common sense, bipartisan step forward in providing urgent tax relief for working families and small businesses.

“Parents and Main Street communities across this country will see lower taxes, more opportunity, and greater financial security after we pass this legislation.

“I urge my colleagues to support this legislation and I yield back.”