In a unified act, 35 state retail associations have joined forces with 255 state and national organizations, representing a broad spectrum of the U.S. economy, to endorse HR 7024, the “Tax Relief for American Families and Workers Act.” This coalition underscores the widespread support for the bill, which aims to stimulate economic growth and job creation through key tax policy changes.
The bill, currently under review by the House Ways & Means Committee, proposes reinstating three critical tax policies: immediate expensing of domestic Research & Development (R&D) expenses, enhanced interest deductibility, and 100% accelerated depreciation. These measures are vital for maintaining the competitive edge of American businesses in the global market.
The letter to Congress, signed by a broad array of organizations, including the American Retail Federation, the American Manufacturing Association, and various state chambers of commerce, emphasizes the importance of these tax policies in fostering innovation, job creation, and economic growth. The signatories argue that these measures have historically enjoyed bipartisan support and have enabled U.S. businesses to innovate and create high-paying jobs, thereby contributing to national security and global economic leadership.
The letter also highlights the urgency of this legislation in the context of increasing global competition, particularly from countries like China, which are offering substantial incentives to their industries. The coalition argues that restoring these tax provisions is crucial for protecting small and medium-sized businesses, safeguarding family-supporting jobs, and encouraging billions of dollars in pro-growth investments.
The Tax Relief for American Families and Workers Act is seen as a pivotal step in bolstering the U.S. economy. By advocating for the restoration of these key tax policies, the coalition of state retail associations and other organizations is sending a strong message to Congress about the importance of supporting American innovation, manufacturing, and overall economic growth. The widespread support for this bill reflects a collective recognition of the need to maintain America’s competitive edge in the global economy.