Bentz Votes for Pro-Growth, Pro-Worker, Pro-American Tax Bill
WASHINGTON – Congressman Cliff Bentz (OR-02) joined 168 of his Republican colleagues in voting for the bipartisan Tax Relief for American Families and Workers Act (H.R. 7024), which received overwhelming support in the House of Representatives with a vote of 357-70. This policy, focused on fostering economic growth and supporting families, aims to enhance the child tax credit, bolster small businesses, and advance American competitiveness.
“This legislation helps our children and our economy,” Congressman Bentz stated. “It improves the Children’s Tax Credit, which amounts to 2000 dollars per year per qualifying child. A tax credit is a reduction in taxes, and the beneficiary must be working to receive the benefit. As the cost-of-living skyrockets, fewer families are having children, and this Child Tax Credit will help address this huge challenge.”
Bentz continued, “The legislation also helps our economy by allowing immediate deduction of Research and Development expenses, increasing the business interest deduction, and continuing the 100% bonus depreciation for business property placed in service after December 31 of 2022. These tax reductions will drive economic growth up and unemployment down.”
Important Provisions in The Tax Relief for American Families Act:
Boosts American business and manufacturing through tax cuts and incentives, including:
- Extending research & development (R&D) tax breaks to help companies invest and compete.
- Lowering borrowing costs for small businesses facing high interest rates.
- Full write-offs for equipment investments to keep jobs in America.
- Simplifying regulations and reporting requirements for small businesses.
Provides disaster relief by:
- Simplifying tax rules for casualty losses in natural disaster zones.
- Excluding certain disaster compensation from income taxes.
- Treating specific disaster payments as deductible.
Extends and improves the child tax credit (for 2025), making it:
- Available for all children in a family, regardless of size.
- Indexed to inflation to keep up with rising costs.
Groups Supporting:
- Students for Life Action
- Susan B. Anthony Pro-Life America
- Americans for Tax Reform
- Associated General Contractors of America
- FreedomWorks
- National Association of Home Builders
- National Taxpayers Union
- Vie the full list here.