June 13, 2023
Dear Members of Congress,
Independent Women’s Voice, which fights to enhance people’s freedom, opportunities, and well-being, applauds the introduction of the American Families and Jobs Act, sponsored by House Ways and Means Committee Chairman Jason Smith.
The American Families and Jobs Act is comprised of three bills: the Tax Cuts for Working Families Act (H.R. 3936), the Small Business Jobs Act (H.R. 3937), and the Build It in America Act (H.R. 3938). These bills could not be more timely. Chronically high inflation on goods and services spurred by reckless federal spending, rising interest rates, worker shortages, and supply chain disruptions are straining American households and businesses.
Over half of Americans assess their current financial situation as “poor” or “only fair,” and half expect their financial position to worsen. To help households keep more of their earnings, this package adds a $4,000 boost to the standard deduction, which was doubled by the 2017 Tax Cuts and Jobs Act. As a result, families will have more in their budgets to cope with the high costs of everyday necessities.
Small businesses are grappling with high costs of materials and goods, challenges finding workers, increased labor costs, and increased regulatory challenges under the Biden administration. This package would untangle small businesses from costly and time-consuming red tape.
Notably, it repeals the ill-conceived 1099-K reporting requirement for online transactions through third-party payment vendors set to take effect in January. In 2021, the Democratic-led Congress lowered the reporting threshold from $20,000 and 200 transactions to just $600 to capture more income. This rule will lead to a reporting nightmare for millions of individuals who likely don’t owe any taxes on the sale of used goods or the transfer of cash. Congress must repeal it.
Additionally, this package includes many incentives for businesses to invest in our economy, including measures for capital investments, research & development, and interest expenses.
The American Families and Jobs Act proposes important solutions to provide relief to American households, strengthen American businesses, and spur economic growth across the U.S. economy. We look forward to seeing it be refined as needed to ensure that it is fiscally responsible and advanced to passage.
Hadley Heath Manning
Vice President for Policy
Independent Women’s Voice