Time is running out for Congress to pass tax relief for American families and businesses.
The U.S Capitol is seen on Jan. 8, 2024, in Washington. The chairmen of the top tax policy committees in Congress announced a bipartisan agreement Tuesday, Jan. 16, 2024, to enhance the child tax credit and revive a variety of …With less than a month to go until Tax Day, the Tax Relief for American Families and Workers Act of 2024 — which passed the House by a comfortable bipartisan margin of 357-70 — is stalled in the Senate.
At the same time, other countries have moved to make immediate R&D expensing a permanent feature of their tax codes. China, our greatest economic rival, even allows companies to deduct 200% of eligible R&D expenses in addition to actual R&D expenses. Britain recently made full and immediate expensing a permanent part of its tax code. American companies are being left behind.
Uncertainty is bad for business. Business owners — especially small-business owners — need to know from one year to the next what their tax rates are and which tax credits will be available to them. The political gamesmanship in Congress is creating unnecessary burdens for American job creators.
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