Kudos to Rep. Rudy Yakym (R-IN) and nearly 150 House Republicans who signed a letter yesterday to Speaker Mike Johnson (R-LA) urging consideration of important pro-growth tax legislation by the end of the year.
While the House has been sidetracked by GOP infighting, there are many important problems that Congress needs to address. At or near the top of that list ought to be implementing cost recovery provisions that will help American businesses grow and increase economic output.
Indeed, that is exactly what the signatories of the letter requested: “Specifically, we support extending: immediate R&D expensing, full capital expensing, and a pro-growth interest deductibility rule.” They hit the nail on the head.
This summer, the House Ways & Means Committee passed legislation that would achieve these goals – the Build It in America Act. This should serve as the core of an end-of-year tax package that could also include pro-family provisions like a larger standard deduction or an improved Child Tax Credit.
But the clock is ticking as the end of the year draws near. Hopefully the letter spearheaded by Rep. Yakym will help unstick the logjam and spur congressional action.
No matter what, NTU will continue to lead the charge in support of a critically important year-end tax package.