Green Bay Reporter

Rep. Mike Gallagher (R-WI) has expressed his satisfaction after voting for the Tax Relief for American Families and Workers Act. The bill, which passed with overwhelming bipartisan support, includes provisions to extend research and development measures from the 2017 Tax Cuts and Jobs Act. Additionally, the bill makes important changes to the Child Tax Credit by removing the penalty on large and growing families. The package also incorporates recommendations from the Select Committee on the CCP to enhance the relationship with Taiwan and strengthen competitiveness against China.

In a statement, Rep. Gallagher highlighted the positive impact of the bill on Wisconsin. He stated, "This package supports thousands of Wisconsin jobs and the innovation of Wisconsin businesses. It also includes important bipartisan recommendations from the Select Committee on the CCP’s recent report that would strengthen our relationship with Taiwan by eliminating double taxation and boost our R&D competitiveness with China."

Furthermore, Rep. Gallagher emphasized the fiscal responsibility of the bill, stating that it "practically pays for itself" by eliminating a COVID-era tax benefit that has been plagued by fraud and abuse. The bill also eliminates the COVID-era Employee Retention Credit, according to the Committee for a Responsible Federal Budget.

The Tax Relief for American Families and Workers Act aims to provide critical relief to American workers, families, and small businesses. Rep. Gallagher described it as a "bipartisan, pro-growth compromise" that supports American innovation, creates jobs, and delivers essential relief.

The bill text can be found by clicking HERE.

The passage of this legislation is a significant step towards providing tax relief for Wisconsinites and promoting economic growth. By extending research and development provisions, removing penalties on large families, and strengthening relationships with Taiwan, the bill addresses key areas of concern. The bill's fiscal responsibility is also commendable, as it eliminates fraudulent tax benefits and the COVID-era Employee Retention Credit.

Wisconsin businesses and workers can now benefit from the provisions of the Tax Relief for American Families and Workers Act, thanks to the bipartisan efforts of Rep. Gallagher and his colleagues. This legislation demonstrates a commitment to supporting American innovation, creating jobs, and providing necessary relief to those who need it most.