Washington, D.C. – Congressman Rudy Yakym (IN-02) released the following statement after voting for the Tax Relief for American Families and Workers Act; legislation that passed the U.S. House of Representatives on an overwhelming bipartisan basis last evening:
“I have heard from countless Hoosiers about the need for more economic certainty and pro-growth tax policies that will help ensure America remains the best place in the world to hire, invest, and do business. This tax package is an answer to those calls.
“This legislation continues President Trump’s successful tax policies and will go a long way towards supporting manufacturers and small businesses here in the Second District, as well as provide everyday Americans with some relief from the crushing weight of President Biden’s inflationary agenda.
“In November, I was proud to lead nearly 150 of my House colleagues in urging legislative action on the tax priorities included in this bill; namely restoring R&D expensing, interest deductibility, and immediate expensing for investments. I am pleased that yesterday Republicans and Democrats were able to come together to support these pro-growth, pro-worker tax policies. Now, I call on my Senate colleagues to do the same so this tax relief can be signed into law.“
-Pro-growth, pro-worker tax policies in the Tax Relief for American Families and Workers Act include restoring three key incentives from the 2017 Trump tax cuts: Research and Development expensing, interest deductibility, and immediate expensing.
-In November, Yakym led nearly 150 of his House colleagues in a letter to Speaker Mike Johnson urging the Speaker to bring these pro-growth tax changes up for a vote.
-Yakym spoke in support of the Tax Relief for American Families and Workers Act on the U.S. House floor in January.
-Specific provisions in this legislation include:
- Research & Development (R&D) expensing: Allows businesses of all sizes to immediately deduct the cost of their U.S.-based R&D investments instead of over five years – encouraging American innovation and improving our competitive position versus China and the rest of the world.
- Interest deductibility: Continued flexibility for businesses forced to borrow at higher interest rates to meet their payroll obligations and expand their operations.
- 100 percent expensing: Restores full and immediate expensing for investments in machines, equipment, and vehicles.
- Taiwan double tax relief: Strengthens America’s competitive position with China by removing the current double taxation that exists for businesses and workers with a footprint in both the United States and Taiwan.