Legislation· Aug 2024Sponsored by Jason Smith (R)
Tax Relief for American Families and Workers Act of 2024
Would raise to $2,000 and extend business tax breaks through 2025.
Tradeoff
Would have reduced federal tax revenue by about $399 million over ten years. Gains from cracking down on fraudulent COVID-era employee retention credits would have offset some of the cost.
What's in it
Increases the deficit by $117.5 billion in 2024 and $44.7 billion over 2024-2028, with a net cost of $399 million over 2024-2033.
This bill cuts federal tax receipts, meaning less money flows to the Treasury; over the 10-year window, the bill reduces revenues by about $112 billion after accounting for some offsetting provisions, translating directly to larger federal deficits or higher borrowing needs.
The House passed this 357–70 on January 31, 2024. The Senate tried to advance it on August 1, 2024. failed 48–44, leaving the bill stalled until the 118th Congress expired.
House
Introduced
(Jan 17, 2024)
House
Committee on Ways and Means(Jan 17, 2024)
The bill went to more than one committee at the same time.
House
The Committee on Ways and Means voted to send it to the floor
Reported 40 - 3(Jan 19, 2024)
Committee report H. Rept. 118-353, Part I.
House
On Motion to and Pass, as Amended
Passed(Roll #30 · Jan 31, 2024)
357 yeanay 70Senate
Received from the House
Received(Feb 1, 2024)
Senate
On on the
Motion to Invoke Cloture on the Motion to Proceed to H.R. 7024
Cloture on the Motion to Proceed Rejected(Roll #230 · Aug 1, 2024)
48 yeanay 44
Passage votes· Jan 31, 2024· 118th Congress · 2023–2025