Murphy Vote on Tax Relief for American Families and Workers Act

Washington, D.C. — Congressman Greg Murphy, M.D. issued the following statement after voting in favor of H.R. 7024, the Tax Relief for American Families and Workers Act:

“This legislation extends critical provisions of the tax cuts and pro-family provisions of the Tax Cuts and Jobs Act enacted under the Trump Administration. The same policies that supercharged America’s historic economy before the pandemic and Joe Biden’s disastrous policies,”said Congressman Greg Murphy, M.D.“This tax package provides critical relief to American businesses and workers who are reeling under Bidenomics, protects the Child Tax Credit from abuse, and is fully paid for by ending expensive, Covid-era handouts. I voted in favor of this legislation and am grateful it received broad bipartisan support.”

Background

• Over $70 billion in new research and development investment will be generated in the United States with the extension of R&D expensing which supports over 21 million jobs.

• 867,000 jobs and $58 billion in additional take-home pay will be generated for American workers with the extension of interest deductibility.

• 100% business investment expensing, which is reinstated, caused U.S. investment to grow over 20 percent after the 2017 GOP tax reform.

• Supports middle-class families struggling with high prices by adding an inflation adjustment to the $2,000 child tax credit topline amount starting in 2024.

• Protects existing work requirements and prohibits the IRS from sending out recurring checks – reducing by 92 percent the cost of the child tax credit compared to the $120 billion-per-year policy that Democrats enacted for 2021.