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President Joe Biden entered office promising to repeal President Trump’s 2017 Tax Cuts and Jobs Act, a law that spurred U.S. job growth and America’s national competitiveness. During the first two years of the Biden administration, the president could succeed in weakening the law.
But today, as Biden ends his term, the Trump tax cuts are once again under threat. Moderate Senate Republicans are refusing to vote on a tax cut deal that preserves Trump tax cuts for small businesses and working American families. If this tax agreement is not passed, it will negatively impact our economy and undermine America’s competitiveness with China as inflation mounts. We should not let politics maintain this agreement. Americans are waiting for tax cuts.
In January, the House of Representatives overwhelmingly passed the Tax Relief for American Families and Workers Act (HR 7024)., a new major tax relief package that builds on the success of the Tax Cuts and Jobs Act of 2017. The relief package targets drivers of U.S. productivity, including fully deducting research and development costs, fully deducting immediate expenses, deducting interest, and reinstating depreciation as a deductible expense.
Passage of this bill will strengthen America’s competitiveness with China, spur job creation, raise wages for workers, and encourage new investment and innovation.
Senate Republican leaders need to support a deal that extends the tax cuts before the November election. Without a vote, the Senate could raise taxes on American companies.
But the bill extends key cost-recovery provisions of the 2017 Republican tax cuts signed by President Trump and is an essential step toward making the Tax Cuts and Jobs Act fully permanent.
Without action from Congress, President Trump’s 2017 tax cuts will expire at the end of 2025.
Mike Crapo, Ranking Member of the Senate Finance Committee, and some colleagues have taken issue with the bill’s provisions expanding the child tax credit, but Crapo and other Republican senators have argued that the larger battle It is necessary to always be aware of the importance of this measure.
If passed, the Tax Cuts for American Families and Workers Act would greatly improve Republicans’ bargaining position in the fight over the future of the Trump tax cuts.
And now those who advocate job growth and competitiveness must prepare for this battle.
During a March 12 hearing on the American Families and Workers Tax Relief Act, Senate Finance Chairman Ron Wyden (D-Ore.) said: declared“If this bill stalls, this set of policies will not be considered in 2025.” Given that Republicans face a strong advantage in the Senate in this year’s elections. It’s understandable that Republicans would dismiss this as empty talk.
But in politics, nothing is certain. Remember the “red wave” that wasn’t? Even if Republicans retake the Senate, Wyden and his allies could make good on their threat if Democrats retain the White House or take back the House. President Biden has already vowed not to renew the 2017 tax cuts if re-elected.
There are good reasons why conservative Republicans support the Tax Relief for American Families and Workers Act. The bill would be funded by eliminating the Employee Retention Tax Credit, a coronavirus-era program rife with fraud. More than 40 conservative and free market groups are urging lawmakers to pass pro-growth legislation. Other organizations and leaders across the conservative movement also strongly support the bill. At the same time, far-left Democrats, including Sen. Elizabeth Warren (D-Mass.) and Rep. Rosa DeLauro (D-Conn.), are fiercely opposed to the bill.
Republican senators must support this tax reform if they want to preserve the characteristic economic successes of the past decade. Time is running out for the Senate to do what’s right for American families and workers.
