Press Releases
Washington, D.C. – Today, Congresswoman Beth Van Duyne, a member of the House Ways and Means Committee, issued the following statement in light of the recently announced tax package to help families and job creators:
“From high interest rates to elevated costs for virtually everything, American families, workers, and job creators are on the front line of Biden’s cost-of-living crisis. This tax package will fight inflation, cut regulations, deliver much-needed tax relief for our working families, and spur innovation to help us better compete against adversaries like China.
"I applaud Chairman Jason Smith’s leadership in negotiating this strong, pro-growth, pro-family tax package which delivers on Republicans’ promises to the American people."
Key Pro-Growth Tax Provisions (via Ways and Means Committee):
- Research & Development (R&D) expensing so businesses of all sizes can immediately deduct the cost of their U.S. R&D investments instead of over 5 years – supporting innovation and growth here at home.
- Interest deductibility to help small- and medium-sized businesses meet payroll and grow – particularly at a time of high interest rates.
- 100% expensing for business investment in U.S. facilities, equipment, and machines.
- End double taxation on businesses and workers operating in both the U.S. and Taiwan – strengthening America’s competitive position versus China.
Supports Main Street Businesses and Rebuilding American Communities
- Increase small business expensing to $1.29 million – a $290,000 increase above the level enacted in GOP tax reform in 2017.
- Cut red tape for small businesses by adjusting the reporting threshold for subcontract labor from $600 to $1,000 – the first update since the 1950s.
- Disaster tax relief for communities affected by recent events, including hurricanes, wildfires, and the Ohio rail disaster.
- Increase access to housing with bipartisan provisions to increase state tax credit allocations and provide more flexibility on bond financing requirements.
Eliminates Fraud and Waste by Cutting Off Funding for COVID-Era Spending Program
- Save taxpayer dollars by accelerating the deadline for filing backdated claims under the employee retention credit – a program hit by major cost overruns and rampant fraud.
Maintains a Child Tax Credit Structure that Rewards Work
- Support middle-class families struggling with high prices by adding an inflation adjustment to the $2,000 child tax credit topline amount starting in 2024.
- Eliminate penalties for large families to ensure child tax credit work incentives apply equally to families with multiple children.
- Flexibility for parents to use a current- or prior-year income calculation in 2024 and 2025.
- Retain GOP tax reform’s structure for refundability with incremental increases to the refundable portion through 2025 – at the same time, the topline credit amount will be increasing with the new inflation adjustment.
- Reject extreme policies advocated by far-left groups that would eliminate existing work requirements or allow the IRS to send out recurring checks – reducing by 92 percent the cost of the child tax credit changes compared to the $120 billion-per-year policy that Democrats enacted for 2021.
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