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One of President Donald J. Trump’s first major accomplishments after being sworn in as our nation's 47th chief executive, was signing the Tax Cuts and Jobs Act (TCJA) of 2017.
A historic piece of legislation that benefited American families and workers by creating the strongest economy in the history of the world.
This legislation unlocked American innovation to ensure America stays ahead of China, it also encouraged family growth with the Child Tax Credit and protected American manufacturing jobs from being shipped overseas through smart changes to the tax code.
But many provisions from President Trump’s TCJA are set to expire and Congress must take urgent action to secure these America First tax provisions.
As Bidenomics continues to punish American workers and families with lower wages, higher interest rates, and rising grocery and gas costs, Republicans cannot allow these America First tax provisions to expire.
By extending the Trump tax cuts, Congressional Republicans will help to limit the damage Biden is doing to the economy while also laying a strong groundwork for the next Republican President to build on.
The Child Tax Credit, Research and Devlopment (R&D) Expensing, and Equipment Expensing all help to advance key priorities of the America First agenda, including incentivizing family growth, protecting American manufacturing, and staying ahead of China.
Extending the Child Tax Credit will further incentivize family formation and expansion, which is something this country needs — strong families are the building blocks of American society.
An increase in the number of new families will ensure that American values will continue to be passed onto the future generations.
Congress must not allow these pro-family incentives to expire because America will not be a strong nation without strong families.
The R&D (Research and Development) expensing provisions is an important aspect of the TCJA.
Incentivizing investment in R&D, ensures that America remains the leader in innovation, and stays a step ahead of China.
Two important goals are accomplished with this credit, we further the possibilities of American innovation by supporting U.S. companies and keeping China away from our technology.
Doing so not only will support American business but will also work to reduce the growing $61 billion trade deficit with China.
Extending the equipment expensing provisions must be a top priority as well.
This will not only help protect American manufacturing jobs from being exported to China.
It also has the added benefit of encouraging increased expansion of manufacturing facilities in the U.S. by reducing the tax burden on manufacturers looking to buy equipment in the U.S.
Extending these provisions will help to reduce China’s grip on America’s supply chain while supporting and protecting American workers.
Nearly 3.7 million jobs have been offshored since 2001.
This article originally appeared in Newsmax, to continue reading, please click here
We hope you find the article useful,
-The BMP Team
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