Rep. Cuellar Votes to Pass Tax Cuts for Working Families and Small Businesses
Written by admin, Jan 31, 2024, 0 Comments
Courtesy Arturo Olivarez,
Washington, DC – Today, Congressman Henry Cuellar, Ph.D. (TX-28) voted to pass H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. The legislation will now head to the Senate.
“The Tax Relief for American Families and Workers Act is a bipartisan measure that provides much-needed tax cuts to South Texas families and small businesses,” said Dr. Cuellar. “I am pleased to see that it includes an expansion of the Child Tax Credit, which will benefit millions of families across the country, including 78,000 children in TX-28 in the first year alone. I also support changes to the tax code that will help small businesses thrive, increase the supply of affordable housing, and create good-paying jobs for American workers. This bill will make a real difference in the lives of families, small businesses, and all Americans.”
Key provisions of the Tax Relief for American Families and Workers Act:
Expands the Child Tax Credit: The bill expands access to the Child Tax Credit by increasing the refundable portion, adjusting the credit for inflation, and eliminating penalties for larger families. These changes will benefit roughly 16 million children in low-income families, including 78,000 children in TX-28. An estimated 400,000 children will be lifted above the poverty line in the first year.
Cuts Taxes for Small Businesses: The bill increases the small business expense cap and extends assistance to families and businesses impacted by natural disasters. These changes are estimated to create 867,000 new jobs and $58 billion in additional take-home pay for workers nationwide and could benefit more than 8,700 small businesses in TX-28.
Increase Supply of Affordable Housing: The bill expands the Low-Income Housing Tax Credit, encouraging additional development and adding an estimated 200,000 affordable housing units.
Spurs Economic Development and Creates Jobs: The bill includes additional incentives for research and development and restores expensing for business investments in machines, equipment, and vehicles, which will encourage economic development and create good-paying jobs.
Dr. Cuellar has been a long-time champion of the Child Tax Credit and supported its expansion in the American Rescue Plan Act in 2021. He has also prioritized efforts in the House to reduce the tax burden on small businesses. He introduced the Main Street Tax Certainty Act, which would make the 20% Small Business Deduction (Section 199A) permanent.
