WASHINGTON, D.C. – The Tax Relief for American Families and Workers Act locks in $600 billion in pro-growth, pro-worker tax policies from the 2017 GOP tax reform, including key research and development incentives, 100 percent immediate expensing for equipment and machinery, and more flexible interest deductibility. These important provisions have a proven track record of fueling economic growth, reducing unemployment, raising incomes, and spurring historic investment in communities across the country. The Tax Relief for American Families and Workers Act encourages businesses to stay in America and invest more in local communities, and strengthens America’s competitive position versus Communist China.
The legislation was approved by the Ways and Means Committee in a 40-3 bipartisan vote and awaits floor action in the House of Representatives.
Many organizations have come out in support of the Tax Relief for American Workers and Families Act because they know it will help return America to the economic successes sparked by the 2017 GOP tax reform. In the years following passage of that law:
- GDP growth was a full percentage point higher than the previous 10-year average, outpacing economists’ estimates – resulting in more jobs and opportunity.
- R&D investment exploded by 18 percent, creating unprecedented new jobs and innovation in the United States.
- Businesses increased their investment in facilities and equipment by 17 percent while cutting their debt by 35 percent.
- Investment in American businesses grew 20 percent when previously U.S. companies had been cutting investment.
- Household income rose by $5,000 – a bigger increase in just two years than in the prior eight years combined.
Americans for Tax Reform
National Taxpayers Union
Taxpayers Protection Alliance
America First Policy Institute
Independent Women’s Voice
41 Taxpayer Advocate Organizations
Groups include National Taxpayers Union, 60 Plus Association, American Commitment, Americans for Tax Reform, Citizens Against Government Waste, Club for Growth, FreedomWorks, and the Taxpayers Protection Alliance.
Daily Caller Op-Ed: An America First Tax Policy Means Representing Underserved Communities