How the Tax Relief for American Families and Workers Act Aims to Support Local Businesses and Families in West Virginia

A year ago, the Ways and Means Committee held its first hearing under the Republican majority in Petersburg, West Virginia. Local business owners and industry veterans attended the hearing, discussing the rising costs and uncertainties in the current economy. They called for policies that would benefit their communities and families. Committee Chairman, Jason Smith, highlighted the need to focus on working-class families and consider the experiences and ideas of Americans in the economy.

The West Virginia hearing was the first of several field hearings outside Congress. Here, Americans discussed the challenges they faced due to policy decisions from Washington. Across the nation, working Americans reported struggling to afford basic necessities, small businesses struggling to grow, and job losses due to China's competitive advantage.

In response, the Tax Relief for American Families and Workers Act was proposed. This Act aims to address the issues raised by working families and small businesses at the hearings. Tom Plaugher, a long-time lumber industry worker, discussed his difficulty in accessing capital, describing it as a significant challenge for small businesses. The proposed Act plans to restore full expensing for capital equipment, aiding small businesses to grow and employ more Americans.

Ashley Bachman, a mother and local restaurant owner, spoke about the impact of inflation on her business. She discussed how rising costs, such as propane and lease payments, were negatively affecting her restaurant. Wylie McDade, a Navy veteran and local distillery co-owner, talked about the difficulties of starting and running a business today, highlighting the need for stable fuel prices and a robust national manufacturing sector.

The Tax Relief for American Families and Workers Act aims to address these issues by securing $600 billion of tax incentives from the 2017 Trump tax reforms, known for job creation, wage increases, and investment in America. The Act also includes Research and Development (R&D) investment incentives, expected to generate over $70 billion in new R&D investment in the United States.

This article has been enhanced with AI assistance. Agree to access AI-generated content by clicking here, or opt for content with less AI influence here.