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Washington DC – Last year, the Ways and Means Committee held a number of hearings on the state of the American economy, gathering feedback from workers, small business owners, and families about the challenges facing the Biden economy.
In a series of public hearings held in West Virginia, Oklahoma, and Georgia, small business owners argued that expanding proven growth-promoting tax policies like those found in H.R. 7024 would be Tax Relief for American Families and Workers Act – This is an investment that levels the playing field for U.S. manufacturers to compete with China, lowers costs to combat three years of rising inflation, and creates jobs for workers in local communities. will help increase the
After the Ways and Means Committee passed the Tax Relief for American Families and Workers Act by a vote of 40-3, small business owners who attended the committee’s on-site hearings in Peachtree City, Ga., and Yukon, Okla., were: issued a statement of support.
David Bergman, President of NAECO, LLC, a Georgia aircraft parts manufacturer with fewer than 50 employees.:
“All other developed countries provide accelerated depreciation for production machinery and R&D investments that create jobs. China currently allows a 200% “super deduction” to encourage R&D investments. There is. HR 7024 Levels the Playing Field for U.S. Manufacturers”
Brian Jackson, owner of Route 66, a small meat processing business with fewer than 20 employees.:
“We are inviting small business owners to come to the Yukon to hear their views and advocate for much-needed proposals that will directly benefit small businesses, such as expanding expense limits for small businesses and raising reporting standards for businesses that use subcontracting.” I would like to thank the committee for its work in implementing the policy.Labour.”
Lisa Winton, CEO of Winton Machine, a small business with fewer than 40 employees:
“Manufacturing is central to communities across the country, including mine. But my ability to hire, invest, and purchase equipment that allows me to compete on a global scale is dependent on these tax provisions (which foster innovation and This has been directly undermined by the expiration of provisions to help finance major capital investments. If Congress wants to fulfill its commitment to small businesses and avoid funneling money to foreign competitors, it needs to pass HR 7024 to reaffirm that it believes in growing manufacturing in the United States. There is. Since starting my home manufacturing business 26 years ago, I have seen and overcome many financial challenges. The difference is that they are simultaneously faced with the huge challenge of increasing costs for raw materials, parts, insurance, labor and real estate, all of which are reducing profit margins and tightening cash flow. Most of my competitors manufacture their machines in Europe and Asia.To remain fully operational in the United States, we must remain competitive in global markets..I want Congress to pass this important legislation that will not only support my company’s growth and prosperity, but also the businesses of my vendors and customers.”
Alison Couch, founder and owner of Ignite Accounting, a Georgia tax and business services firm with a small staff of just seven employees.:
“I am very pleased that the Committee on Ways and Means adopted my recommendation and raised the 1099 threshold, which has been in place for decades. With this change, Reduce administrative burden for small businesses and increase value over timeBecause it is adjusted for inflation. ”
of Tax Relief for American Families and Workers Act Based on recommendations from small business owners, we will expand opportunities for innovation, create jobs, and strengthen America’s competitiveness in key ways.
- Research and development (R&D) expenses: This would allow companies of all sizes to deduct the cost of U.S.-based R&D investments immediately instead of over five years, boosting U.S. innovation and improving competitiveness against China and other countries. can do.
- Interest deduction: It continues to provide flexibility for businesses that are forced to borrow at higher interest rates to meet payroll obligations and expand their operations.
- 100% expenses: Instantly recover the full amount of your investment in machinery, equipment and vehicles.
- Expanding expense limits for small businesses: Increases the amount of investments that small businesses can immediately write off to $1.29 million, which exceeds the $1 million cap enacted in 2017.
Cutting red tape for small and medium-sized businesses: Adjusts the reporting threshold for businesses that use subcontracted labor from $600 to $1,000 and adjusts for inflation. This is the first update to the standards since the 1950s.
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