Rep. Mann Helps Pass Tax Relief for American Families

WASHINGTON, D.C. – Today, U.S. Representative Tracey Mann (KS-01) voted yes on H.R. 7024, the Tax Relief for American Families and Workers Act. The legislation would restore pro-growth tax policies implemented under the Trump Administration's Tax Cuts and Jobs Act (TCJA) providing relief for American farmers and businesses, cutting taxes for working families with an enhanced Child Tax Credit (CTC), and boosting competitiveness against China.

"Under the Tax Cuts and Jobs Act, American families were thriving," said Rep. Mann. "Now, the Biden Administration is crushing us with its out-of-control spending addiction and anti-growth agenda. The Tax Relief for American Families and Workers Act will revive conservative pro-growth, pro-family, and pro-worker tax reforms, boost our economy, and end wasteful spending.”

H.R. 7024, the Tax Relief for American Families and Workers Act, which passed in the U.S. House of Representatives by a vote of 357-70, restores and extends key provisions from the Republican-led TCJA locking in $600 billion in new economic growth. Specifically, the legislation:

• Restores Research and Development (R&D) expensing, a priority of Rep. Mann, so businesses can immediately deduct the cost of their U.S. R&D investments - supporting nationwide innovation.

• Provides 100% bonus depreciation, allowing farms and businesses to fully deduct the cost of investments in equipment, machinery, and facilities, to bring more jobs to America.
  
• Supports small businesses by extending full interest deductibility when borrowing, increasing the small business expensing limit to inflation, and adjusting the reporting threshold for subcontract labor for the first time since the 1950s.
  
• Offers disaster tax relief for communities affected by recent events, including tornados, wildfires, and rail disasters.
  
• Supports middle-class families so that they are not penalized for the size of their family.
  
• Extends the low-income housing tax credit through 2025.

H.R. 7024 will now be sent to the U.S. Senate for consideration.

Click here to view Rep. Mann’s Commitment to the Big First.

###