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Over 22,000 Small Businesses and 250 Trade Associations Agree: Bipartisan Tax Package Protects Jobs and Locks In $600 Billion of Pro-Growth Tax Benefits

January 25, 2024 — Blog    — Press Releases    — Select Revenue Measures   

WASHINGTON, D.C. – The $600 billion of pro-growth tax incentives for American workers and small businesses locked in by the Tax Relief for American Families and Workers Act will support millions of American jobs and make the United States more competitive in the global economy. The legislation restores three key tax provisions from the 2017 GOP tax reform that have a proven track record of supporting jobs in nearly every industry. These pro-growth, pro-business provisions include research and development incentives, 100 percent immediate expensing for equipment and machinery, and more flexible interest deductibility for small businesses.

Key Facts:

  • 2 million direct jobs and 21 million indirect jobs are supported by R&D expensing. Extending this provision will generate $70 billion in new domestic R&D investments.
  • Extended interest deductibility will generate another 867,000 new jobs and increase take-home pay for American workers by $58 billion.
  • After the 2017 GOP tax reform enacted 100 percent immediate expensing for equipment and machinery, U.S. investment grew over 20 percent. 

If these pro-growth, pro-worker, pro-American tax policies are not restored in the Tax Relief for American Families and Workers Act, economists warn that 1 million jobs will be lost

That’s why hundreds of organizations representing millions of workers and thousands of small- and medium-sized businesses are urging Congress to pass the Tax Relief for American Families and Workers Act to preserve and create millions of jobs, grow the economy, and raise wages.  

Over 22,000 Small- and Medium-Sized Businesses
Small- and medium-sized businesses across the country continue to urge Congress to protect and expand small business expensing (Section 179). The Tax Relief for American Families and Workers Act responds to these job creators by raising the expensing cap for small businesses beyond what was included in the 2017 GOP tax reform.

261 Nationwide and State Trade Groups 
A letter signed by national trade associations representing a wide array of industries in nearly every state sends a clear message: pass the Tax Relief for American Families and Workers Act.

Over 60 Software Companies
Small software, biotechnology, and manufacturing businesses across the country are sharing how the current R&D amortization policy that doesn’t allow for an immediate full deduction has hurt their businessesand left them with outrageously high tax bills. The Tax Relief for American Families and Workers Act restores immediate expensing for domestic R&D and will help address the concerns these same businesses are raising.

Click here to read additional testimonials.

National Association of Manufacturers

Job Creators Network

Economic Investment Alliance

American Petroleum Institute

Small Business and Entrepreneurship Council

Small Business Technology Council

Association Of Builders & Contractors

National Association of Home Builders

Business Roundtable

Op-Ed: Bipartisan tax deal can pave the way for longer term improvements in 2025

Sheet Metal and Air Conditioning Contractors’ National Association

 National Restaurant Association

Mortgage Bankers Association

National Wooden Pallets and Container Association

Electronic Transactions Association

American Chemistry Council

National Electrical Contractors Association

National Products Association

National Roofing Contractors Association

National Stone, Sand, & Gravel Association

Precision Metalforming Association

National Tooling and Machining Association

Aerospace Industries Association

American Council of Engineering Companies

CTIA

Global Business Alliance

National Association of Professional Employer Organizations

National Association of Wholesaler-Distributors

American Mold Builders Association

Forging Industry Association

North American Die Casting Association

Precision Machined Products Association