Press Releases

Washington, DC—January 31, 2024...Today, the U.S. House of Representatives passed H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. Congressman Steve Womack (AR-3) released the following statement after voting in favor of the legislation:

Congressman Womack said, “Substantive tax reform boosts America’s economy and competitiveness. This bill contains conservative, pro-growth policies to support Main Street businesses, create jobs, and bolster our competitive position globally. After years of record inflation and shrinking wallets under the Biden Administration, these policies will help America’s workers and families recover while opening doors for economic opportunity.”

Bill breakdown:

• Restores and extends three expired pro-growth provisions of the GOP-led Tax Cuts and Jobs Act of 2017 through 2025.
• Supports small businesses by promoting investments and cutting red tape.
• Provides tax relief for communities affected by natural disasters, including hurricanes and wildfires.
• Maintains Republican priorities and work requirements for a family-friendly child tax credit.
• Enacts reciprocal and expedited tax relief to improve cross-border investment with Taiwan and compete with China.
• Extends the increased low-income housing tax credit through 2025.
• Ends the employee retention tax credit, a COVID-era fund that has seen an onslaught of backdated claims ripe with fraud and abuse. According to the Joint Committee on Taxation (JCT), this credit is costing taxpayers $1 billion per day.