East Washingtonian - Your Hometown News Source

Washington, D.C. – Eastern Washington Congresswoman Cathy McMorris Rodgers (WA-05) today voted in support of the bipartisan Tax Relief for American Families and Workers Act (H.R. 7024), which passed the House of Representatives by a vote of 357-70. This pro-growth, pro-family policy will strengthen the child tax credit, support small businesses, and promote American competitiveness.

"People in Eastern Washington are falling behind thanks to Biden's inflation crisis and rising costs. Paychecks just aren't going as far as they used to, and it's making life more difficult," said Rodgers. "The Tax Relief for American Families and Workers Act will help ease that burden by expanding the Child Tax Credit for parents raising a family and supporting small business owners struggling to keep the lights on. I look forward to this bill making a real difference and getting us back on a path of renewed hope and optimism for the future."

Specifically, the Tax Relief for American Families and Workers Act will:

•Help middle-class families struggling with high prices by expanding the Child Tax Credit with an inflation adjustment. It also eliminates the penalty for large families and provides flexibility for parents by allowing them to use a current or prior year income calculation in 2024 and 2025.

•Support small businesses by allowing them to expense up to $1.29 million – a $290,000 increase above the level enacted in the Tax Cuts and Jobs Act. This includes for research and development (R&D) so businesses of all sizes can immediately deduct the costs of their U.S. R&D investments instead of over five years, supporting innovation and growth in America.

•Increase access to housing with bipartisan provisions to increase state tax credit allocations and provide more flexibility on bond financing requirements.

•Eliminate a COVID-era program hit by major cost overruns and rampant fraud.

•Promote American competitiveness against China by allowing 100% expensing for business investment in U.S. facilities, equipment, and machines. It also eliminates double taxation for businesses and individuals operating in both the U.S. and Taiwan.

H.R. 7024 now awaits consideration in the Senate before it can be signed into law by President Biden.

NOTE: In 2017, McMorris Rodgers helped lead the historic Tax Cuts and Jobs Act to provide tax relief to millions of hardworking families and create more jobs, fairer taxes, and bigger paychecks. The bill doubled the Child Tax Credit to help families with the cost of raising children, which the Tax Relief for American Families and Workers Act maintains.