Bipartisan Tax Plan Would Trim Business Burden if IRS Delivers ...Middle East

The Tax Relief for American Families and Workers Act of 2024, released on Jan. 16 by the House Ways and Means Committee, has a range of provisions that could profoundly impact taxpayers. Overall, the bill would reduce tax burdens for US families and businesses through changes to the child tax credit, research and development expenses, and employee retention credit; restoration of 100% bonus depreciation; and an increase in the potential business interest expense deduction, though its effectiveness will largely depend on the IRS’s administrative capacity. Child Tax Credit Millions of families could be affected by changes that would temporarily expand access to child tax credits already on t

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