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Malliotakis Applauds Bipartisan Passage of Tax Relief for American Families and Workers Act

January 31, 2024

Extends expired TCJA provisions that increase wages, reduce unemployment, help working families & small businesses

(WASHINGTON, DC) - Congresswoman Nicole Malliotakis (NY-11), a member of the House Committee on Ways and Means, today applauded the House's overwhelming bipartisan passage of the Tax Relief for American Families and Workers Act, legislation that provides American workers, families, farmers, and small businesses much needed tax relief. The bill passed 357 to 70. 

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 President Reagan's Low-Income Housing Tax Credit, and eliminates the Taiwan double tax that will increase Taiwanese investment in semiconductor manufacturing plants here in the United States, enhancing our supply chain and reducing both countries reliance on communist China.

"The bipartisan passage of our tax package today is a huge win for working families and American small businesses," Malliotakis said. "The pro-growth and pro-worker TCJA provisions we've extended, along with the expansion of the Child Tax Credit, have shown to increase wages, reduce the unemployment and poverty rates to record lows and lift millions of working families out of poverty. Additionally, the research and development expensing and provisions to help small and medium sized businesses foster innovation included in the package will preserve more than 7,000 jobs and $622 million in wages across New York State annually. It's our hope that the Senate takes up this legislation as swiftly as possible so we can help working families make ends meet, build more affordable housing options create an economic environment that will allow our small businesses to compete and thrive." 

CLICK HERE TO WATCH MALLIOTAKIS' FLOOR REMARKS ON THE TAX PACKAGE

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.