People around the country are struggling in the current economy with inflation driving up prices. But a potential reprieve may come soon as the House Ways and Means Committee has overwhelmingly passed the Tax Relief for American Families and Workers Act at 40-3, with Representative Vern Buchanan (R-FL) being among those who voted in favor.
As outlined in his press release, the Tax Relief for American Families and Workers Act improves tax deductions for business equipment, a particular boon for small businesses. Second, the Act extends research and development (R&D) expenses, providing further tax deductions.
Third is the expansion of the Child Tax Credit, providing additional relief for working families with children. Finally, the bill enhances the Low-Income Housing Tax Credit, making it easier for low-income people to afford a home.
Rep. Buchanan described the United States as "at an economic crossroads, fighting for competitiveness in an increasingly global 21st century" in his comments about the Act's passage.
"As someone who spent 30 years building businesses, as well as a former chairman of the Ways and Means Tax Subcommittee, I know from experience that making our tax code more competitive means greater prosperity for American families and businesses. I’m pleased to see this important legislation pass out of committee and move one step closer to becoming law," Rep. Buchanan added.
Last February, Buchanan led the charge in keeping the provisions of the Tax Cuts and Jobs Act signed by President Donald Trump permanent, which included similar Child Tax Credit expansions and retaining of a higher deduction standard, increasing the amount of tax-free income available.
"With Americans continuing to suffer under the weight of record-high inflation and an uncertain economic future, we need to provide some much-needed relief and certainty to hardworking families and Main Street businesses and ensure these tax cuts do not expire," Buchanan told The Floridian.
