Photo by Caleb Fisher on Unsplash

Americans for Tax Reform praises the passage of the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) out of the Ways and Means Committee this afternoon. The bill passed by a vote of 40-3, with all Republican committee members voting yes.

Grover Norquist, President of Americans for Tax Reform, issued the following statement in support of the tax deal:

The Tax Relief for American Families and Workers Act delivers pro-growth tax cuts for American taxpayers. This deal extends key cost recovery provisions of the 2017 Republican tax cuts signed by President Trump, a crucial step in achieving full permanency of the Tax Cuts and Jobs Act. Passing this bill increases American competitiveness, leads to more jobs, higher wages for workers, and encourages new investment and innovation for businesses. This is a win for taxpayers, Americans for Tax Reform supports this bill.

Earlier this month, a coalition of over 4o conservative and free-market organizations sent a letter to Congress urging lawmakers to pass pro-growth legislation. Specifically, the coalition urged passage of the extending the expiring cost recovery provisions for businesses passed in the Tax Cuts and Jobs Act. This included full deductibility for Research and Development costs, full and immediate expensing, and interest deductibility and restoring deductibility of depreciation and amortization costs.

These provisions now make up the bulk to the pro-growth tax cuts contained in the American Families and Workers Act.

After now clearing committee, the bill is expected to receive full floor consideration in the House as early as the end of this month. Americans for Tax Reform urges lawmakers to support the American Families and Workers Act.