Americans for Tax Reform urges all members of Congress to vote “YES” on the Tax Relief for American Families and Workers Act (H.R. 7024), which will likely receive a vote this week.
This legislation is a pro-growth tax cut that extends key aspects of the Tax Cuts and Jobs Act (TCJA) – the 2017 Republican tax cuts signed into law by President Trump. Passing this legislation greatly increases the odds of making TCJA provisions fully permanent.
Grover Norquist, President of Americans for Tax Reform, issued the following statement in support of the tax deal:
Joe Biden campaigned on higher taxes and full repeal of the 2017 Trump Tax Cuts. By supporting the Tax Relief for American Families and Workers Act, Republican lawmakers will be able to tell their voters that they delivered a win for taxpayers and forced Joe Biden to sign Trump tax cuts into law. This bill 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 with China, 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 encourages all Members of Congress to support this bill.
Earlier this month, a coalition of over 40 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.