WASHINGTON, D.C. – U.S. Representative Tracey Mann (KS-01) has voted in favor of H.R. 7024, the Tax Relief for American Families and Workers Act, which recently passed in the U.S. House of Representatives by a vote of 357-70. This legislation aims to restore pro-growth tax policies that were implemented under the Trump Administration’s Tax Cuts and Jobs Act (TCJA), providing much-needed relief for American farmers and businesses, cutting taxes for working families through an enhanced Child Tax Credit (CTC), and enhancing competitiveness against China.
According to Rep. Mann, “Under the Tax Cuts and Jobs Act, American families were thriving. Now, the Biden Administration is crushing us with its out-of-control spending addiction and anti-growth agenda. The Tax Relief for American Families and Workers Act will revive conservative pro-growth, pro-family, and pro-worker tax reforms, boost our economy, and end wasteful spending.”
The Tax Relief for American Families and Workers Act restores and extends key provisions from the Republican-led TCJA, ensuring $600 billion in new economic growth. Some of the key provisions of the legislation include:
– Restoration of Research and Development (R&D) expensing, which allows businesses to immediately deduct the cost of their U.S. R&D investments, supporting innovation across the country.
– Implementation of 100% bonus depreciation, enabling farms and businesses to fully deduct the cost of investments in equipment, machinery, and facilities, thereby creating more job opportunities in America.
– Support for small businesses through the extension of full interest deductibility when borrowing, an increase in the small business expensing limit to inflation, and adjustments to the reporting threshold for subcontract labor for the first time since the 1950s.
– Provision of disaster tax relief for communities affected by recent events such as tornados, wildfires, and rail disasters.
– Support for middle-class families to ensure they are not penalized based on the size of their family.
– Extension of the low-income housing tax credit through 2025.
With its passage in the House of Representatives, H.R. 7024 will now be sent to the U.S. Senate for consideration. This legislation holds the promise of rejuvenating the economy, providing much-needed relief for American families and workers, and promoting growth and innovation across various sectors.
Click here to view Rep. Mann’s Commitment to the Big First.
