WASHINGTON, DC –
Congresswoman Nicole Malliotakis (NY-11), a member of the House Committee on Ways and Means, applauded the Committee’s passage of the Tax Relief for American Families and Workers Act, bipartisan legislation that provides American workers, families, farmers, and small businesses much needed tax relief.
Specifically, the legislation restores expired provisions of President Trump’s 2017 Tax Cuts and Jobs Act (TCJA) that Malliotakis cosponsored or led, including increasing the Child Tax Credit and indexing it to inflation so more families qualify – including nearly 100,000 families in New York’s 11th Congressional District – research and development deductions, interest deductibility, and 100% expensing for investments in facilities and equipment. The bill also adds and improves the Low-Income Housing Tax Credit, and eliminates the Taiwan double tax that will strengthen America’s competitiveness with China.
“These pro-growth and pro-worker TCJA provisions we are extending, along with the Child Tax Credit we are expanding, have proven to increase wages, drop the unemployment and poverty rates to a 50- year low, and lift millions of working families out of poverty. Increasing the Child Tax Credit will help working families make ends meet to keep food on the table, a roof over their head and pay for child care expenses,” Malliotakis said.”Not only this, but our legislation will foster innovation, help small and medium sized businesses reinvest and expand their companies, and attract more Taiwanese investment in semiconductor factories here in the United States to improve our supply chain at home and reduce our reliance on China. Significant for New York City, this bill also improves the affordable housing tax credit that will incentivize the creation of more affordable housing units and can even be used as the City looks to convert unused commercial office space into residential housing units.”
Because of potential changes to the tax code under this bill, Malliotakis is urging any businesses interested in applying for the Employee Retention Tax Credit to file a claim by January 31, 2024, so that it may be considered.
Under President Trump’s TCJA:
- The bottom 20 percent of earners (those with incomes under $26,000) saw their federal tax rate fall to its lowest level in 40 years.
- Americans earning under $100,000 on average saw their taxes reduced 16 percent.
- Wages increased 4.9 percent in 2018 and 2019 – the fastest two -year growth in real wages in 20 years.
- Unemployment and poverty rates hit a 50 -year low, including all-time lows in unemployment for African Americans, Hispanic workers and those without a high school degree.
- The Child Tax Credit lifted 4.3 million people, including 2.3 million children, above the poverty line in 2018.
