Mid City Times

Washington, D.C. – Congresswoman Beth Van Duyne, a member of the House Ways and Means Committee, has expressed her support for the recently announced tax package aimed at benefiting families and job creators. In a statement, she highlighted the importance of addressing the current cost-of-living crisis faced by American families, workers, and job creators.

Van Duyne commended Chairman Jason Smith's leadership in negotiating a strong, pro-growth, pro-family tax package that delivers on the promises made to the American people by Republicans. She emphasized the package's focus on fighting inflation, cutting regulations, providing tax relief for working families, and promoting innovation to compete with countries like China.

The tax package includes several key provisions that promote growth and support businesses. These provisions include allowing businesses to immediately deduct the cost of their U.S. research and development investments, providing interest deductibility to help small- and medium-sized businesses meet payroll and grow, and offering 100% expensing for business investment in U.S. facilities, equipment, and machines.

Furthermore, the tax package aims to strengthen America's competitive position against China by ending double taxation on businesses and workers operating in both the U.S. and Taiwan.

The tax package also focuses on supporting Main Street businesses and rebuilding American communities. It includes an increase in small business expensing, a cut in red tape for small businesses, and disaster tax relief for communities affected by recent events such as hurricanes, wildfires, and the Ohio rail disaster. Additionally, the package aims to increase access to housing through bipartisan provisions that increase state tax credit allocations and provide more flexibility on bond financing requirements.

To eliminate fraud and waste in COVID-era spending programs, the tax package accelerates the deadline for filing backdated claims under the employee retention credit, a program that has been plagued by cost overruns and rampant fraud.

In terms of the child tax credit, the tax package seeks to maintain a structure that rewards work and supports middle-class families struggling with high prices. It proposes adding an inflation adjustment to the $2,000 child tax credit starting in 2024 and eliminating penalties for large families to ensure that work incentives apply equally to families with multiple children. The package also offers flexibility for parents to use a current- or prior-year income calculation in 2024 and 2025.

Importantly, the tax package rejects extreme policies advocated by far-left groups that would eliminate existing work requirements or allow the IRS to send out recurring checks. This decision significantly reduces the cost of the child tax credit changes compared to the policy enacted by Democrats for 2021.

In conclusion, Congresswoman Beth Van Duyne applauds the announcement of the pro-growth, pro-family tax package and recognizes the efforts made to address the cost-of-living crisis faced by American families, workers, and job creators. The package includes key provisions to support businesses, rebuild American communities, and maintain a child tax credit structure that rewards work. By rejecting extreme policies and focusing on practical solutions, this tax package demonstrates a commitment to the well-being of American families and the promotion of economic growth.