Bowling Green Today

Congressman Brett Guthrie of Kentucky has voted in favor of H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. This act aims to extend certain provisions from the Tax Cut and Jobs Act of 2017, which provided significant tax relief to the people of Kentucky. In a statement, Congressman Guthrie expressed his pride in being a part of the effort to deliver historic tax relief for Kentuckians and Americans nationwide.

Guthrie emphasized the positive impact of the 2017 tax cuts, stating, "House Republicans and President Trump helped usher in tax cuts across the board to bring down high taxes and simplify the tax system." He further highlighted the bill's support for hardworking American families and small businesses by cutting red tape and increasing small business expensing. Guthrie also emphasized the importance of preserving program integrity standards to protect against fraud and abuse.

In addition to supporting American families and small businesses, the Tax Relief for American Families and Workers Act also aims to keep America competitive with China. It includes provisions such as research and development expensing, interest deductibility for small and medium-sized businesses, and 100% expensing for business investment in U.S. facilities, equipment, and machines. The act also addresses the issue of double taxation on businesses and workers operating in both the U.S. and Taiwan, strengthening America's competitive position against China.

The bill also focuses on supporting small businesses by increasing small business expensing to $1.29 million, cutting red tape by adjusting reporting thresholds, and providing disaster tax relief for communities affected by recent events. It also includes provisions to increase access to housing through bipartisan measures.

Overall, the Tax Relief for American Families and Workers Act builds upon the 2017 Tax Cut and Jobs Act by permanently codifying many of the existing tax cuts and introducing pro-growth and pro-family policies to support hardworking Americans.

The full text of the bill can be found [here](link-to-full-bill-text).

With Congressman Guthrie's vote, this landmark tax relief legislation is one step closer to becoming law, providing much-needed support to the people of Kentucky and Americans across the nation.