ARLINGTON, VIRGINIA – The American Consumer Institute is pleased to learn today that lawmakers have reached a bipartisan, bicameral agreement on tax legislation that will provide much-needed relief to American businesses, families, and consumers.
Aptly named The Tax Relief for American Families and Workers Act of 2024, this tax package will, among other things, reinstate expensing for R&D Costs, and extend 100 percent bonus depreciation, each through 2025. The American Consumer Institute has previously written on the enormous benefits that resurrecting R&D tax credits and extending 100 percent bonus depreciation would unlock for American consumers and the economy at large. Therefore, we applaud Congress’ efforts to introduce legislation on the subject. These pro-growth policies are long overdue and will go a long way toward fostering an innovative and competitive business environment that incentivizes investment, capital accumulation, and the creation of new jobs.
We urge Congress to move quickly to consider this important piece of legislation and deliver critical tax relief to the American economy.
The American Consumer Institute is a nonprofit education and research organization. For more information about the Institute, visit www.TheAmericanConsumer.Org or follow us on Twitter (X) @ConsumerPal.