Tax Relief for American Families and Workers Act of 2024

Floor Speech

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Mr. SMITH of Nebraska. Mr. Speaker, I rise today in support of this tax bill.

I am particularly pleased this bill includes language that I introduced to ensure capital-intensive industries can fully deduct the cost of interest from their taxes. This is particularly important right now as Americans continue to deal with recent high inflation and higher interest rates.

Alongside provisions ensuring domestic research and development in small business capital expenses are fully deductible, this bill enhances the opportunity to develop new products in America, create jobs, making those products here, and then sell those products around the world.

I am also glad this bill includes language ensuring Americans living, working, and investing in companies within our ally, Taiwan, do not face double taxation.

Also, I especially appreciate that the language of the Tax Cuts and Jobs Act applying to the child tax credit is continued in this bill.

Mr. Speaker, this is a strong bill. It deserves strong bipartisan support. I look forward to voting for it. I urge my colleagues to do the same.

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