When Joe Biden took office the U.S. economy was recovering from a global pandemic, inflation was at just 1.4%, and consumer confidence was on the rise.

Life was getting back to normal.

Since then, prices are up 17.2%, according to the Federal Reserve Bank of St. Louis. Moreover, Americans are paying $11,400 more annually to buy basic goods and services, per an analysis, from Republican members of the U.S. Senate Joint Economic Committee.

Democrats’ out-of-control spending and failed economic policies have made it significantly harder for every American family and business to make ends meet.

In 2017, a Republican Congress passed the Tax Cuts and Jobs Act (TCJA), and it was quickly signed into law by President Donald Trump. This was the first major reform to the federal tax code in over 30 years. TCJA changed the individual income rates, the corporate tax rate, rules for estate and retirement planning, and taxes for small businesses.

Three thing the new tax relief bill does

In the two years immediately following the passage of TCJA, GDP growth was a full percentage point higher than the previous 10-year average, unemployment was at the lowest rate in 50 years, wages grew at a rate 4.9% higher than inflation, and household income rose by $5,000.

TCJA ushered in one of the strongest economies in U.S. history by providing relief to middle class families and making it easier for businesses to expand, innovate, and create jobs.

Republican tax policies have a proven track record of helping workers, families, farmers, and small businesses.

After three years of the Biden Administration’s crippling price increases, Americans need relief. That’s why the House of Representatives recently passed the Tax Relief for American Families and Workers Act (H.R. 7024). By building on the success of TCJA, the Tax Relief for American Families and Workers Act will keep our tax code competitive and get our economy back on track.

Specifically, this bill includes three critical pro-growth tax policies that help businesses expand, hire workers, and invest in their communities.

1. It will extend what’s known as bonus depreciation, a tool that allows small businesses to fully and immediately deduct the cost of investments in equipment, machinery, and business-related assets from their taxable income. Bonus depreciation ultimately lowers the cost of capital investment and leads to more jobs, higher wages, and increased productivity.

2. H.R. 7024 will also restore immediate expensing for research and development costs to encourage businesses to innovate and invest. For decades, America has been the global leader in innovation and the go-to destination for startups and entrepreneurs. Allowing U.S. businesses to immediately deduct research and development costs will help maintain America’s status as the innovation capital of the world.

3. Further, this legislation will allow small and medium-sized businesses to continue deducting interest costs, a critical tool for keeping manufactures here at home during a time of high interest rates.

The House vote to pass the bill was bipartisan

In addition to these three pro-growth policies, the Tax Relief for American Families and Workers Act will update the Child Tax Credit to better support middle-class families and preserve work requirements to ensure taxpayer dollars are being spent responsibly.

The Tax Relief for American Families and Workers Act is a pro-growth, pro-worker, pro-American bill that will help millions of families struggling in today’s economy.

The House of Representatives did its part and passed H.R. 7024 with a strong bipartisan vote of 357 to 70.

It is time for the United States Senate and President Biden to ensure this important legislation is signed into law.

Congressman David Kustoff, a Republican, represents Tennessee’s Eighth Congressional District, and serves on the House Ways and Means Committee.

Tennessee delegation votes on H.R. 7024

On Jan. 31, the U.S. House of Representatives voted 357-70 to pass the Tax Relief for American Families and Workers Act of 2024. Here’s how the Tennessee congressional delegation voted:

• Rep. Diane Harshbarger, District 1 (Republican): Yes

• Rep. Tim Burchett, District 2 (Republican): Yes

• Rep. Chuck Fleischmann, District 3 (Republican): Yes

• Rep. Scott Desjarlais, District 4 (Republican): No

• Rep. Andy Ogles, District 5 (Republican): No

• Rep. John Rose, District 6 (Republican): Yes

• Rep. Mark Green, District 7 (Republican): No

• Rep. David Kustoff, District 8 (Republican): Yes

• Rep. Steve Cohen, District 9 (Democratic): Yes

This article originally appeared on Nashville Tennessean: Economy will grow and families, business will thrive with tax relief