Today, Congresswoman Beth Van Duyne, a member of the House Ways and Means Committee, commended the recently announced tax package designed to support American families and job creators. In her statement, she highlighted the impact of the current cost-of-living crisis on American families, workers, and job creators.
Pro-Growth Measures to Tackle Inflation and Boost Innovation
The tax package, negotiated under the leadership of Chairman Jason Smith, aims to address challenges such as high interest rates and elevated costs. Van Duyne emphasized that the package will combat inflation, reduce regulations, provide essential tax relief for working families, and encourage innovation to enhance competitiveness against global adversaries, particularly China.
Key Pro-Growth Tax Provisions (via Ways and Means Committee)
Outlined by the Ways and Means Committee, key pro-growth tax provisions include:
- Research & Development (R&D) expensing
- Interest deductibility
- 100% expensing for business investment
- Elimination of double taxation on U.S. and Taiwan operations
Supporting Main Street Businesses and Rebuilding Communities
The tax package also focuses on supporting Main Street businesses and rebuilding American communities, with provisions such as an increase in small business expensing, reduction of red tape for small businesses, disaster tax relief, and measures to increase access to housing.
Eliminating Fraud and Waste for Fiscal Responsibility
Additionally, the package aims to eliminate fraud and waste by cutting off funding for a COVID-era spending program, saving taxpayer dollars.
Maintaining a Child Tax Credit Structure that Rewards Work
The package maintains a child tax credit structure that rewards work, supporting middle-class families by adding an inflation adjustment to the $2,000 child tax credit topline amount starting in 2024. It ensures flexibility for parents in income calculations and retains the GOP tax reform's structure for refundability.
Rejecting Extreme Policies and Focusing on Targeted Support
Importantly, the tax package rejects extreme policies advocated by far-left groups, aiming to reduce the cost of child tax credit changes by 92 percent compared to the policy enacted by Democrats for 2021. The focus remains on providing targeted support to American families and businesses while addressing economic challenges.
