Jacob Ogles
The U.S. House Ways and Means has advanced a bipartisan tax reform proposal on a 40-3 vote. U.S. Rep. Vern Buchanan, Vice Chair of the committee, said the legislation will benefit Florida families.
“America is at an economic crossroads, fighting for competitiveness in an increasingly global 21st century,” the Longboat Key Republican said.
“As someone who spent 30 years building businesses, as well as a former chairman of the Ways and Means Tax Subcommittee, I know from experience that making our tax code more competitive means greater prosperity for American families and businesses. I’m pleased to see this important legislation pass out of committee and move one step closer to becoming law.”
Buchanan notably was named to the second-highest ranking position on the powerful committee following a closely watched leadership contest, which ultimately saw U.S. Rep. Jason Smith of Missouri elected as Chair.
But Buchanan remains the senior-most Republican on the committee and has played a role in crafting major legislation. He sits on the Joint Committee on Taxation and has chaired or served as ranking member of every subcommittee under the Ways and Means umbrella.
His office distributed a detailed explainer on the Tax Relief for American Families and Workers Act.
The $78 billion tax cut, as passed by the House, would allow small businesses to completely deduct costs of new and used equipment, extend research and development expensing by allowing immediate deductions on U.S.-based research and development, expand access to the Child Tax Credit and enhance accessibility for the Low-Income Housing Tax Credit.
Smith said the bill “will benefit from this bipartisan agreement that provides greater tax relief, strengthens Main Street businesses, boosts our competitiveness with China and creates jobs. We even provide disaster relief and cut red tape for small businesses, while ending a COVID-era program that’s costing taxpayers billions in fraud.”
Significantly, the legislation has support in the Democrat-controlled Senate from Senate Finance Committee Chair Ron Wyden, an Oregon Democrat. He emphasized the family-focused tax cuts and signaled a clear path in the upper chamber for the bill.
“Fifteen million kids from low-income families will be better off as a result of this plan, and given today’s miserable political climate, it’s a big deal to have this opportunity to pass pro-family policy that helps so many kids get ahead,” Wyden said.
