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Working Families, Small Businesses Win Under Tax Relief for American Families and Workers Act

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

WASHINGTON, D.C. – The pro-growth, pro-worker, pro-America tax provisions within the Tax Relief for American Families and Workers Act would account for $600 billion in tax relief and incentives over the next decade if the policies were made permanent, according to estimates based on analysis by the Joint Committee on Taxation.

The Results:

  • Research and Development (R&D) investment incentives will…
    • Create over $70 billion in new R&D investment in the United States.
    • Support 2 million direct R&D jobs and over 21 million total jobs –particularly in U.S. manufacturing.
  • Interest Deductibility will…
    • Create 867,000 new jobs.
    • Generate $58 billion in additional take-home pay for American workers.
  • 100% Immediate Expensing will…
    • Increase investment by $400 billion.
    • Create 73,000 new jobs.

Outside experts agree that the Tax Relief for American Families and Workers Act will overwhelming benefit American small businesses and working families. An analysis by the University of Pennsylvania’s Penn-Wharton Budget Model argues that the pro-growth, pro-worker, pro-America provisions in the bill provide $200 billion in tax incentives for job creators and American workers over the next two years alongside $20 billion in enhancements under the child tax credit.

READWhat They Are Saying: Tax Relief for American Families and Workers Act Continues Pro-Growth Record of GOP Tax Reform

READChild Tax Credit Reforms in Tax Relief for American Families and Workers Act Are Proven, Conservative, Pro-Family Policy

READWith Bipartisan Vote, Ways and Means Committee Approves Pro-Growth Tax Relief Package to Help Small Businesses, Promote American Competitiveness, and Support Working Families