Greenville Reporter

Washington, D.C. - Congressman Greg Murphy, M.D. recently voted in favor of H.R. 7024, the Tax Relief for American Families and Workers Act. In a statement, Congressman Murphy emphasized the importance of extending critical provisions of the tax cuts and pro-family provisions of the Tax Cuts and Jobs Act that were enacted under the Trump Administration.

"This legislation extends critical provisions of the tax cuts and pro-family provisions of the Tax Cuts and Jobs Act enacted under the Trump Administration. The same policies that supercharged America’s historic economy before the pandemic and Joe Biden’s disastrous policies," said Congressman Greg Murphy, M.D.

Congressman Murphy highlighted the positive impact of this tax package on American businesses and workers who have been struggling under the current economic climate. He also emphasized the importance of protecting the Child Tax Credit from abuse and ensuring that the legislation is fully paid for by ending expensive, Covid-era handouts.

"This tax package provides critical relief to American businesses and workers who are reeling under Bidenomics, protects the Child Tax Credit from abuse, and is fully paid for by ending expensive, Covid-era handouts. I voted in favor of this legislation and am grateful it received broad bipartisan support," added Congressman Murphy.

The Tax Relief for American Families and Workers Act includes several key provisions that will benefit the American economy and support middle-class families. The extension of R&D expensing is expected to generate over $70 billion in new research and development investment, which will support more than 21 million jobs in the United States.

Furthermore, the extension of interest deductibility is projected to generate 867,000 jobs and provide an additional $58 billion in take-home pay for American workers. Additionally, the reinstatement of 100% business investment expensing is expected to stimulate U.S. investment growth by over 20 percent, as it did after the 2017 GOP tax reform.

The legislation also focuses on supporting middle-class families who are struggling with high prices. It includes an inflation adjustment to the $2,000 child tax credit topline amount starting in 2024, providing much-needed relief to these families.

Importantly, the Tax Relief for American Families and Workers Act protects existing work requirements and prohibits the IRS from sending out recurring checks for the child tax credit. This measure significantly reduces the cost of the child tax credit by 92 percent compared to the $120 billion-per-year policy that Democrats enacted for 2021.

Congressman Murphy's support for this legislation demonstrates his commitment to improving the economic conditions for American families and workers. The provisions included in the Tax Relief for American Families and Workers Act aim to provide critical relief, stimulate investment, and support middle-class families, all while being fully paid for by ending costly Covid-era handouts.

The legislation received broad bipartisan support, indicating the recognition of the importance of these provisions in addressing the economic challenges faced by American businesses and workers. Congressman Murphy's vote in favor of the Tax Relief for American Families and Workers Act reflects his dedication to serving his constituents and working towards a stronger economy for all Americans.