Arlington, VA — In a significant move to bolster the American economy and provide much-needed tax relief to families, a coalition of organizations representing the interests of taxpayers, consumers, and families across the United States has issued an urgent appeal to Congress. The group is calling for the immediate passage of the Tax Relief for American Families and Workers Act of 2024 (TRAFWA), a critical legislation aimed at providing economic relief amidst ongoing high inflation without adding substantially to the national debt.
The appeal, directed at Majority Leader Schumer, Speaker Johnson, Minority Leader McConnell, and Minority Leader Jeffries, emphasizes the importance of TRAFWA in the current economic climate. The Tax Cuts and Jobs Act of 2017 (TCJA) had previously played a pivotal role in strengthening the economy by boosting wages, creating jobs, and increasing capital investment. However, with the pandemic’s lingering effects and various unfavorable public policies, the economic landscape has deteriorated, leaving many Americans in financial hardship.
TRAFWA is seen as a vital solution to this crisis, building on the successes of the TCJA. The legislation proposes to restore full expensing for equipment and R&D expenditures, and increase the deductibility of interest and amortization costs. These measures are expected to provide a significant economic boost, as indicated by the Tax Foundation’s analysis of the TCJA’s expiring provisions.
Furthermore, TRAFWA introduces an expanded child tax credit, which aims to provide direct financial support to families and protect them from inflation. The bill offsets these costs by terminating the Employee Retention Tax Credit, addressing concerns of its misuse and fraud.
This comprehensive tax package is poised not only to provide immediate relief but also to set the groundwork for making all provisions of the TCJA permanent, thus ensuring long-term economic stability and growth. The coalition strongly urges Congress to pass this legislation, reaffirming their commitment to improving the economic conditions for all Americans.
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