NE Atlanta News

U.S. Representative Andrew Clyde (R-GA) recently cast his vote against H.R. 7024, the "Tax Relief for American Families and Workers Act of 2024," expressing significant opposition to what he perceives as a "Trojan Horse" for unfavorable policies. He asserts that the act incorporates unchecked welfare expansion and inflationary deficits.

According to Clyde's office, the representative said: "From welfare expansion to inflationary deficits, the Swamp’s tax bill is a Trojan Horse for bad policies disguised as tax relief. For example, the legislation completely fails to close a loophole that allows illegal aliens to claim the Child Tax Credit while subsequently expanding these welfare payments. It is utterly irresponsible to incentivize illegal immigration, swell the flawed welfare state, and generate $155 billion in new federal deficits over the next 20 months — especially as President Biden’s self-inflicted border and economic crises continue to devastate our nation. I ultimately voted against this legislation, as I refuse to impose additional inflationary burdens on hardworking Northeast Georgians who are already struggling to make ends meet under failed ‘Bidenomics’ policies."

As reported by CNN, the House passed a $78 billion bipartisan tax package that temporarily expands the child tax credit and reinstates several business tax benefits. The vote of 357 to 70 sent the bill on its way to the Senate. The deal includes temporary restoration of business tax benefits from the 2017 Tax Cuts and Jobs Act, allowing immediate deductions for research investments, machinery and equipment, and relaxing interest expense limits until 2025. The bill also provides relief for disaster-affected areas and enhances the Low-Income Housing Tax Credit.

The Heritage Foundation states that the act primarily consists of 91.5 percent cash welfare within its designated "family benefits," rather than offering direct tax relief for working families. Additionally, with its retroactive and temporary expensing provisions, it is projected to yield minimal economic growth, while simultaneously contributing to an estimated $155 billion in new federal deficits by fiscal year 2025. Experts predict this could heighten inflationary pressures and interest rates.