WASHINGTON, D.C. -- Watson McLeish, Senior Vice President for Tax Policy at the U.S. Chamber of Commerce, released the below statement on the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), which would provide critical, long-awaited support and certainty to American businesses of all sizes.
“The automatic tax increases that Congress allowed to take effect starting in 2022 have hurt employers of all sizes, all across America. The Chamber was proud to support the bipartisan, bicameral compromise to reverse these harmful tax hikes when it was considered by the House in January. Among other important measures, this compromise included provisions to restore and extend three critical, pro-growth tax policies on which American employers rely: the deduction for domestic research expenses; full capital expensing for certain business assets; and a pro-growth interest deductibility limitation. The prolonged uncertainty surrounding the extension of these policies has curtailed American businesses’ ability to invest, compete, and grow, and we urge Congress to find a path to restoring them this year.”
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