Washington, D.C. – Today, Representative Jason Smith (R-MO-8) introduced a legislative package that provides massive tax breaks for corporations, foreign investors, and high-income earners with very few tax breaks for families. The legislation is being introduced to address tax breaks that are scheduled to sunset in 2025 and fails to include key legislation like the expanded monthly refundable Child Tax Credit that helps families meet the rising cost of living. The following is a statement from Adam Ruben, Vice President of Campaigns and Political Strategy at Economic Security Project.

“Year after year, corporations have been first in line for tax breaks, tax breaks that come at the expense of working families who are squeezed to pay bills and put food on the table. The pinch that families are experiencing was already magnified by inflation and now Republicans want to exacerbate that instead of alleviate it. 

Last week, Representatives Rosa DeLauro (D-CT-3), Susan DelBene (D-WA-1), and Ritchie Torres (D-NY-15) introduced the American Family Act, legislation that would restore the expanded, monthly, refundable Child Tax Credit, putting families first. This legislation was co-sponsored by 208 members of the House, sending a very strong signal that Democrats in the House would prioritize tax policy that supports families and recognize the political value in doing so. In poll after poll the Child Tax Credit is popular across bipartisan lines and can be a unifying policy for our country. 

Unfortunately, the House legislative proposal once again prioritizes massive corporate tax breaks and tax breaks for the wealthy, while shortchanging low-income families, especially families of color. We are deeply disappointed that this proposed legislation continues to ignore the day-to-day struggles of America’s families and strongly encourage Representative Smith along with the Republican caucus to put families first by supporting the American Family Act.”