Wyden-Smith Tax Deal Contains Major Wins For Taxpayers

NTU applauds House Ways and Means Committee Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) for introducing The Tax Relief for American Families and Workers Act of 2024. This bipartisan legislative framework expands the child tax credit and extends several pro-growth tax policies that have expired or are currently being phased out. 

NTU Executive Vice President Brandon Arnold said, “This bill strikes the right balance by providing families with the tax relief they need to get by during tough economic times, while giving the economy a shot in the arm with tax policies that encourage businesses to innovate and invest in our country.”

He added, “The best way to tackle inflation at home is by encouraging American businesses and workers to produce more. We are finally getting a broad-based tax package from Congress that will do just that. Further, it’s great to see them accomplish these goals without substantially adding to the deficit, by reining in the Employee Retention Tax Credit, which was a well-intentioned pandemic-era program that has run its course and has been abused by fraudsters. This tax package will ensure America’s tax code remains globally competitive while helping working families deal with inflation and other economic hardships.”

To discuss the framework of the Wyden-Smith tax deal and ongoing budget negotiations on Capitol Hill with a member of NTU's government affairs team, please contact NTU Vice President Kevin Glass at 703-299-8670 or at kglass@ntu.org.