Tax Relief for American Families and Workers Act of 2024
Floor Speech
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Mr. ROGERS of Kentucky. Mr. Speaker, I share my colleagues' support of H.R. 7024, the Tax Relief for American Families and Workers Act. This bill is pro-growth, pro-small business, pro-family, and will truly help our people in southern and eastern Kentucky.
I want to first point out that this bill will help folks in my district who are still recovering from the devastating flooding that we endured in 2021 and 2022. The recovery process has been long and difficult, and this bill takes important steps to make it easier for flood survivors to deduct their losses by eliminating minimum loss requirements and not penalizing individuals for compensation they received. Our people need all the help they can get, and this bill will help us move forward and build back stronger than ever.
This bill will also help our families struggling with the lingering impact of inflated high prices by expanding access to the child tax credit, eliminating the penalty for larger families, and ensuring that the tax credit is adjusted for inflation, so this benefit isn't reduced over time. This will truly make a difference for the people of Kentucky's rural Appalachian region.
This tax relief bill will also boost our economy, jumpstart innovation by allowing businesses to deduct research and development costs immediately, which will enable us to always be at the forefront of the world economy. It will also help small businesses by incentivizing capital investments, enabling them to boost their growth and increase productivity. Finally, this bill eliminates wasteful COVID era spending by accelerating the deadline for backdated claims under the employee retention credit.
This credit system has experienced rampant fraud and abuse, and its elimination will save hardworking Americans taxpayer dollars.
I am proud to support this legislation, and urge the Senate to consider it quickly to provide much-needed tax relief in southern and eastern Kentucky and across our great Nation.
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