The Tax Relief for American Families and Workers Act: a Catalyst for R&D
The Tax Relief for American Families and Workers Act is set to invigorate the U.S. energy sector, benefiting consumers, workers, and the economy.
Reviving the Energy Sector
The Act reinstates key 2017 tax cut provisions, including R&D expensing, interest deductibility, and immediate 100% expensing. These are vital for capital-intensive industries like U.S. oil and natural gas, accelerating refining and transport processes and boosting investments that support millions of jobs.
Enhancing Energy Security
The Act bolsters domestic energy production and job growth, enhancing the competitiveness of U.S. energy producers globally, especially against Russia and China.
Addressing Inflation and Fostering Energy Independence
Ways and Means Committee Chairman Jason Smith (MO-08) highlighted that the Act’s pro-growth, pro-worker policies, building on the 2017 Republican tax law, will lower fuel prices, stimulate American energy production, job growth, and community investment, and promote energy independence.
Endorsement by the API
The American Petroleum Institute (API), representing all segments of American gas and oil and supporting over 11 million U.S. jobs, endorses H.R. 7024, viewing it as crucial for growing domestic energy production and maintaining global competitiveness.
Conclusion
The Tax Relief for American Families and Workers Act is a significant stride in energizing the U.S. energy sector, creating jobs, and fortifying the economy. It exemplifies the power of pro-growth policies in driving economic progress and energy security.