Tax Relief for American Families and Workers Act of 2024
Floor Speech
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Ms. McCOLLUM. Mr. Speaker, I rise in opposition to H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. Mr. Speaker, this bill is a wolf in sheep's clothing.
Let's be clear about what this tax deal is: just another Republican handout to big corporations and oil companies. Congressional Republicans are claiming victory with this bill, touting the $600 billion in tax cuts for corporations if the corporate tax cuts in this bill are made permanent.
The 2017 Trrump-GOP tax scam has added $1.9 trillion to the deficit. Republicans voted to raise taxes on the middle class to pay for their deficit-exploding giveaway to big corporations and billionaires. Thanks to the Trump-GOP tax scam, big corporations and oil companies have enjoyed lower taxes and have taken advantage of tax credits. Big corporations like Amazon, Google, Facebook, and Marathon Petroleum already pay far too little in taxes each year. H.R. 7024 would give them access to even more tax cuts. Congress should be ensuring big corporations and oil companies pay their fair share rather than helping them get a leg up.
I support the Child Tax Credit and voted for it in the American Rescue Plan, but H.R. 7024 is eighty-two pages long and only three pages pertain to the credit. In those three pages, the Child Tax Credit provisions fail to replicate the success of the improved Child Tax Credit provided to families by the American Rescue Plan. Under H.R. 7024, fewer families will be eligible, and the credit will be received as an annual refund. We heard from families who said the monthly payments are what made this credit so helpful to them in 2021 to pay their monthly bills, keep healthy and nutritious food on the table, and manage a mortgage or rent. I look forward to working with NETWORK, Save the Children, the Minnesota Council of Nonprofits, and other advocacy groups to put forward a tax bill that accomplishes all our goals with the Child Tax Credit.
I strongly opposed the Trump-GOP tax scam when it was rushed through Congress in 2017. Donald Trump and the GOP promised increased tax revenues to offset the massive debt they created, but it never materialized. Instead, the tax scam ballooned the deficit. I've been outspoken in the past about how harmful those tax cuts were, and I believe H.R. 7024 is another Republican scam to give big corporations a break while the rest of America picks up the tab. I urge my colleagues to reject H.R. 7024.
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