Delivering Critical Tax Relief:
Last week, House Republicans delivered on our promise to deliver major tax relief to Ohioans and American citizens. Families in our district are facing a 23% tax increase if Congress doesn’t act. That’s an increase of more than $1,500 on an average family.
By passing our bill, we are taking another step in the process to protect Ohioans and their families from seeing their taxes spike.
Our reconciliation bill accomplishes the following:
- Prevents the largest tax increase in American history that would have occurred when tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) were set to expire at the end of 2025.
- Expands the Child Tax Credit (CTC) by $500 to $2,500 per child. Without action by Congress, the CTC would have reverted to $1,000 per child at the end of 2025.
- Eliminates taxes on tipped wages for American workers.
- Eliminates taxes on overtime pay for American workers.
- Offers an expanded $4,000 tax credit for low- and middle-income seniors.
- Allows families to deduct interest payments on car loans for cars made in America.
- Prevents the Death Tax from hitting over 2 million family-owned farms who would otherwise see their limitation cut in half. This ensures that family-owned farms and ranches can be passed down to the next generation.
- Makes permanent the doubled guaranteed Standard Deduction, stopping a scheduled $15,000 cut in this deduction for families at the expiration of the TCJA.
- Repeals the IRS 1099-K Rule, which would harm gig workers by forcing them to report transactions of $600 or more to the IRS.
- Renews the Research and Development (R&D) incentive for small businesses. Currently, businesses must allocate R&D expenses over 5 years instead of immediately. Following the TCJA, R&D investment grew by 18%.
This bill has the potential to unleash the American economy. Before it gets signed into law by the president, it now goes to the U.S. Senate, where it needs to pass before going to the President’s desk.
Around Ohio:
Over the Memorial Day weekend, I was able to travel around Ohio to mark two very special events. First, I had the opportunity to attend the 30th anniversary celebration of the Dayton Accords, which was the peace treaty that ended the war in the Balkan region in 1995. I had the pleasure of discussing continued efforts for peace with the President of Albania and look forward to working together to achieve prosperity among our two nations.
