Congressman Tom Cole (OK-04) released the following statement after passage of H.R. 7024, the Tax Relief for American Families and Workers Act, in the U.S. House of Representatives. The bill would provide $200 billion in tax incentives for job creators and American workers for the next two years alongside $20 billion in enhancements under the child tax credit.
“The U.S. tax code should be written to benefit small businesses, families and workers, not hurt them,” said Cole. “For the past few years, Americans have been crushed by runaway inflation and high interest rates, and Congress should work together to give the economy a boost and help hardworking Americans keep more of what they have earned. This legislation builds on the successful 2017 Tax Cuts and Jobs Act by reinstating and improving existing tax policies to support American workers and job creators while encouraging American innovation to help U.S. companies compete against Communist China. It also provides support for working families by updating and improving the Child Tax Credit, making it more flexible and beneficial. I was proud to support this legislation that will expand growth and opportunity.”
