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OPINION

Meaningful Tax Cuts the Best Tax Relief

 Meaningful Tax Cuts the Best Tax Relief

(Paradee Paradee/Dreamstime.com)

Kimberly Fletcher By Friday, 26 April 2024 07:54 AM EDT Current | Bio | Archive

The Bipartisan Tax Relief Bill Will Help Families Fight Inflation

The American family is under a lot of pressure these days due to record inflation and the high cost of living.

While we’re all feeling the pinch, financial pressures continue to fall disproportionately on those with limited incomes, an unfortunate and ironic consequence of "Bidenomics."

Now, more than ever, Americans need a reprieve from big government policies that lit the inflation-fuse.

The best way to deliver relief is through a meaningful tax cut.

Rather than sending out government checks or welfare, Congress should return money back to taxpayers, after all, it is their money.

Oqn this point, an unfortunate consequence of today’s politics is the rarity for Washington, D.C. to reduce taxpayer burdens with the last major tax cut legislation being enacted under President Trump in 2017. No Democrats voted for that major $2 trillion tax cut, which is due for reauthorization next year.

In the meantime, there is a major $78 billion bipartisan tax cut that could become law.

Earlier this year, the Republican majority in the House of Representatives worked across party lines to pass the Tax Relief for American Families and Workers Act of 2024, which includes important tax provisions for businesses and families.

On the individual tax side, families would benefit from enhanced refundability of the Child Tax Credit (CTC) and peg the CTC to inflation.

The bill also includes key pro-growth provisions for small businesses so they can continue to innovate, grow, and prosper.

The bill passed with strong bipartisan support, including from members ranging from the House Freedom Caucus, Problem Solvers Caucus, and Congressional Progressive Caucus.

The package includes several high-priority items for Republican voters in the middle of an election year that could give many lawmakers much-needed bragging rights in their districts.

Unfortunately, the bill is stuck in the Senate and the path for passage out of the upper chamber.

Some Republicans have concerns with the Child Tax Credit provision, but their concerns are misplaced. Republicans are the anti-abortion, pro-family party — which means supporting families by reducing their tax liability.

Never mind that the Trump tax cuts doubled the Child Tax Credit and that the Credit was created by Newt Gingrich’s Contract With America in the 1990s.

The cost of raising a child has ballooned thanks to Joe Biden, and we have an opportunity to make their lives just a little bit easier.

The CTC proposed in TRAFWA also retains essential work requirements and keeps the standard established by President Trump that the credit only applies to U.S. citizens.

This Conservative CTC is a pro-family tax credit only for working American parents.

The tax package extends several key provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that have proven beneficial for the economy and individual taxpayers alike.

These provisions have expired mainly or have been phased out by as much as 80% — with tax benefits on the verge of becoming negligible.

Another necessary provision is the Full Expensing of Research & Development (R&D) Investments — something entrepreneurs heavily engage in.

Renewing it will again allow companies to deduct the total cost of their R&D expenses in the year they are incurred.

This immediate deduction incentivizes innovation and technological advancement, essential economic growth drivers.

So, if a small business uses a loan to research a new product and hires employees to launch that product to market, the company gets deductions from their IRS tax bill that they can use to continue hiring more workers.

For some reason, a handful of Republicans, including Mitch McConnell and leadership, want to keep this bill from passing, which would deny tens of billions of dollars in tax relief.

They had no problem passing a massive $100 billion aid bill to Ukraine but have issues delivering aid to working families. American tax dollars should be sent to moms.

We must call upon our Senators to recognize the long-term benefits these extensions offer economically and socially within our communities.

I urge you to tell your Republican senator: let us advocate together for a brighter future by supporting The Tax Relief for American Families and Workers Act.

Congress should not pass up the opportunity to deliver economic relief to families and small businesses.

Doing the right thing will pay dividends in November for the Republican members in the House who supported this tax deal — Republican senators need to follow suit and act quickly.

Kimberly Fletcher is the founder, president, and CEO of Moms For America, a national, non-profit 501c3 educational corporation rooted in the principles of liberty and virtue our nation was founded on, particularly through the women and mothers of America. Read Kimberly Fletcher's reports — More Here.

© 2024 Newsmax. All rights reserved.


KimberlyFletcher
Congress should not pass up the opportunity to deliver economic relief to families and small businesses. Doing the right thing will pay dividends in November for the Republican members in the House who supported this tax deal. Republican senators need to follow suit.
bidenomics, tcja, trafwa
779
2024-54-26
Friday, 26 April 2024 07:54 AM
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