TPA Applauds House Ways and Means Tax Bills

For Immediate Release                                            Contact: Abigail Graham: (202) 417-7235

June 13, 2023                                                               

WASHINGTON, D.C. – Today, the United States House Committee on Ways and Means is holding a markup on H.R. 3936, the Tax Cuts for Working Families Act, H.R. 3937, the Small Business Jobs Act, and H.R. 3938, the Build it in America Act. The Taxpayers Protection Alliance (TPA) applauds these pro-growth and pro-job proposals which would boost the economy, create new jobs for the American worker, and encourage innovation.

In response, TPA President, David Williams, provided the following comments:

“This trio of tax policy legislation is a major step in the right direction to simply the tax code, promote innovation, and provide relief for small businesses and the American worker. The economy is struggling and passing these three bills will give the country a much-needed economic boost.

“Firstly, the Tax Cuts for Working Families Act builds on the Tax Cuts and Jobs Act of 2017 (TCJA) by increasing the bonus guaranteed deduction for tax years 2024-2025 to $4,000 for joint returns, $3,000 for head of household and $2,000 for all other filers. This means there is a lesser burden on the American tax filer each year by simplifying the process.

“The Small Business Jobs Act would increase the general 1099 reporting threshold to $5,000 and reverse the Biden administration’s $600 reporting rule on third party payment applications. This means that individuals who simply use apps like Venmo or CashApp to repay a friend for picking up the dinner bill will no longer have to go through piles of unnecessary paperwork come tax day.

“And lastly, the Build it in America Act restores immediate expensing for research and development—which in turn incentivizes investors by decreasing risk in investment. This bill would extend certain provisions of the TCJA which have either already expired or are soon to expire.

“TPA is pleased to support these pieces of legislation which puts American workers and small businesses first.”

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.