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| U.S. Chamber Action |
| Stand Up for Free Enterprise |
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| SPOTLIGHT |
| As Americans Filed Their Returns, the Senate Wavered on Crucial Tax Relief |
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Tax Day has come and gone, placing Americans under deadline pressure to file their taxes. However, the U.S. Senate appears to have granted itself an extension as it delays action on the bipartisan Tax Relief for American Families and Workers Act of 2024 (H.R. 7024).
Background: Early this year, the U.S. Chamber championed H.R. 7024, a bill that sailed through the U.S. House of Representatives with significant bipartisan approval (357-70).
Senate stall: Despite this overwhelming support, the U.S. Senate still has not acted.
Why it matters: Businesses need certainty to make decisions, plan, invest, and grow. The swift passage of the Tax Relief for American Families and Workers Act of 2024 would not only boost domestic investment and innovation, but also aid job creation by restoring and extending tax relief measures that would:
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- Spark home-grown innovation by allowing American businesses to deduct their domestic R&D expenses
- Improve cash flow for businesses with the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) standard for deducting business interest expenses
- Encourage investment in new equipment and property by allowing businesses to immediately deduct the total cost of certain assets.
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Status: Supporters of the bipartisan tax deal are growing more impatient as tax relief remains stalled in the Senate. While Majority Leader Chuck Schumer introduced the bill, any action is unlikely to occur this week as lawmakers prepare to leave town for another recess period.
Our take: Neil Bradley, the Chamber's chief policy officer, expressed deep concern that time is running out in a recent interview with The Hill: |
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| "We've clearly reached a make-or-break moment. […] If we can't get this across the finish line in the May work period, there's little reason to believe that it's going to get done this Congress." |
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| Neil Bradley |
| Chief Policy Officer, U.S. Chamber of Commerce |
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Chamber action: The Chamber calls on the Senate to support the House-passed bill or reach a consensus to ensure a prompt vote when Congress returns. We are also making sure that Senators hear directly from local businesses and chambers of commerce in their home states about the real-world consequences if lawmakers fail to act.
Bottom line: Tax relief for American businesses and workers hinges on Senate action. The nation’s lawmakers should not allow perfection to be the enemy of the good and take immediate action to pass the Tax Relief for American Families and Workers Act of 2024.
Dig deeper:
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| FREE ENTERPRISE WORKS |
| Free Enterprise Drives Down Global Poverty |
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Because countries have embraced free enterprise and trade we have seen:
- Extreme global poverty fall by 70%.
- Global life expectancy rise from 64 years to 73.
- Illiteracy rates fall from 25.7% to 13.5%.
- The use of child labor fall from 16% to less than 10%.
American free enterprise is under threat from those who think it needs to be replaced. If they succeed, they will limit your potential, stifle growth, and undermine our future. |
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