- H.R. 11 proposed to permanentize provisions of 2017’s TCJA which are set to expire in 2025
- Kevin Brady: “House Republicans are committed to restoring the American Dream”
- Rebuild economy: promote American innovation and independence from China
H.R. 11, The Commitment to American Growth, Renewal, and Opportunities for Workers, Technology and Health Act (Commitment to American GROWTH Act), is a proposal by House Republicans to reinforce the idea of the American Dream in our post-COVID economy. The Act looks to make permanent all provisions of the 2017 Tax Cuts and Jobs Act (TCJA) that are currently set to expire in 2025.
House Republican Leader, Kevin McCarthy, says: “As part of this commitment, we need solutions that will invest in America’s small businesses and their employees, and strengthen our supply chain…. These effective proposals will play a vital role in making our country more secure and resilient for decades to come.”
The Commitment to American GROWTH Act looks to commit such provisions to perpetuity, among several others:
- Full expensing clause
- Earnings before interest, taxes, depreciation, and amortization standard for business
- Expensing for qualified property
- Full immediate expensing provisions in the TCJA
“House Republicans are committed to restoring the American Dream,” said Rep. Kevin Brady (R-TX) in an interview last week where he laid out the three major objectives of the Act.
- Rebuild the pre-COVID economy, adding 10 million more jobs
- Make America independent from China in the medical/manufacturing industries—encouraging investments in advances for all-American medical manufacturing and provide liquidity and tax benefits to medical research firms seeking cures to COVID)
- “America’s economy can grow even faster than pre-COVID.” Make America the most innovative nation on planet: drive jobs, research, and manufacturing for the long term.
This plan counteracts Biden’s plan to impose $4 trillion in increased income, business, and capital gain taxes. Brady said that the plan is about “thinking beyond just recovery, we see greater growth for the country ahead.”
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