Washington DC – Under the Republican majority, the Ways and Means Committee has focused on helping small businesses survive the Biden recession.of Tax Relief for American Families and Workers Act Restores key tax policies from the Trump tax cuts that small businesses rely on to stay open, create jobs, and increase productivity. In contrast, Democrats spent billions of taxpayer dollars to give “green” corporate benefits to multibillion-dollar corporations and big banks.
“There is no choice between this. Small businesses are struggling under President Biden. The smallest small businesses, mom-and-pop stores, have had to lay off 58,000 workers this year alone. Just look at the fact that in the face of everything from Bidenflation to high interest rates to combat high prices to supply chain crises and labor shortages, Main Street has been resilient and determined. The Ways and Means Committee traveled to various communities to listen to the concerns, challenges, and ideas of small business owners and brought them back to Washington.
“Feedback from small and medium-sized businesses is Tax Relief for American Families and Workers ActThis would restore President Trump’s key tax policy to help small businesses keep more of their hard-earned money, increase productivity, and compete and win against China. But this is not the end for instrumental Republicans. We’re also launching a tax team to discuss how we can continue the success of the 2017 Trump tax cuts into 2025 and ensure that small businesses and working families receive tax cuts, not increases. We are considering. ” said Ways and Means Committee Chairman Jason Smith (MO-08)..
Small business owners speak out
The Ways and Means Committee has been touring the country to hear from small businesses, starting with the committee’s first hearing under a Republican majority. At these hearings in the Washington suburbs, away from special interests, small business owners tell stories of struggle and resilience in the face of Bidenomics and improving the lives of themselves, their employees, and their communities. Shared ideas for.
west virginia
The first Ways and Means Committee hearing of the 118th Congress was held in Petersburg, West Virginia. Members will hear from mothers of three, local business owners and coal miners about how labor shortages, inflation and supply chain crises are making life difficult and making it difficult to stay in business. I heard.
oklahoma
Meeting inside a barn in Yukon, Oklahoma, committee members heard from meat processors, ranchers, small business owners and energy producers about the dire state of the U.S. economy under President Biden. These small business owners also shared the importance of tax cuts for employees who have suffered from nearly 20% price increases since President Biden took office.
georgia
At the rally, held at an aircraft parts manufacturing company in Peachtree City, Georgia, witnesses representing small businesses ranging from manufacturers and accounting services to restaurants spoke about how the 2017 Trump tax cuts will benefit their companies and employees. He talked about the positive impact he had.
new york
The public hearing, held outside New York City’s harbor, touched on the importance of fair trade for small businesses and access to new markets. Witnesses shared how China’s unfair trade practices are hurting their countries’ businesses and the need to enforce trade agreements to protect American businesses and workers.
How and Means to Win: Tax Relief for Small Businesses
The Ways and Means Committee and the full House passed the bill based on feedback gathered at committee hearings in suburban Washington. Tax Relief for American Families and Workers Act With overwhelming bipartisan support. The bill reinstates three key tax provisions from the 2017 Trump tax cuts: research and development spending, interest deductions, and immediate full expensing.
The bill secures $600 billion in tax benefits from the 2017 Trump tax cuts, which have a track record of creating jobs, increasing wages and investing in America.
- Research and development (R&D) Investment incentives are…
- Generate over $70 billion in new research and development investment in the United States.
- Supports 2 million direct research and development jobs and more than 21 million total jobs, particularly in U.S. manufacturing.
- Interest deduction Intention…
- Generating $58 billion in additional take-home pay for American workers.
- 100% instant expense reimbursement Intention…
- Increase investment by $400 billion.
- Permanently raise the immediate expense threshold for small businesses and reduce the administrative burden on the IRS. Intention…
- Supports $10 billion in new investments by U.S. farmers and small business manufacturers by increasing the amount of expenses that can be deducted under Section 179.
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- By reducing the burden of administrative processing, it alleviates the worries of small and medium-sized enterprises that use subcontracted labor.
