A coalition of leading taxpayer advocacy and economic freedom organizations has united in a pivotal call to action, urging the U.S. Senate to swiftly pass H.R. 7024, the Tax Relief for American Families and Workers Act (TRAFWA). Amidst an increasingly competitive global economy, these organizations emphasize the critical need for the U.S. to adopt a pro-growth agenda, highlighting the constraints the current tax code places on American businesses and families. With the looming expiration of several key provisions from the 2017 Tax Cuts and Jobs Act (TCJA), the coalition argues that immediate legislative action is necessary to foster competition and provide significant relief to the American economy.

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Key Takeaways

  • Bipartisan Support and Urgent Need: The TRAFWA has garnered overwhelming bipartisan support in the House of Representatives, indicating a strong consensus on the need for tax relief. However, despite this backing and the pressing deadline with Tax Day approaching, the Senate has yet to vote on the legislation.
  • Economic Stimulus and Job Creation: The proposed legislation aims to rejuvenate the American economy by reinstating 100 percent research and development (R&D) expensing, leading to an estimated $70 billion in new R&D investment and creating over 50,000 jobs. It also seeks to alleviate burdens on small businesses and eliminate inefficient programs.
  • Countering Global Economic Challenges: The TRAFWA is poised to significantly bolster American economic resilience and competitiveness in the wake of pandemic-induced economic challenges and the threat of increased global competition, particularly from China.

The coalition of taxpayer advocacy organizations firmly believes that the Tax Relief for American Families and Workers Act is a vital step towards ensuring the U.S. remains the leading global economic power. The TRAFWA addresses critical economic challenges and sets the foundation for sustained growth by providing necessary tax relief and stimulating investment and job creation. Therefore, the coalition urges Senate leadership to prioritize the passage of this legislation before Tax Day, encouraging all members to support its enactment. This concerted action is not just about tax relief; it’s a strategic move to secure America’s economic future against global competition. The public, stakeholders, and policymakers are called upon to advocate for the swift passage of TRAFWA, ensuring the U.S. economy can thrive in the face of global challenges.

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