Wichita Standard

On Friday, Rep. Ron Estes (R-Kansas) delivered remarks in support of the Tax Relief for American Families and Workers Act during a Ways and Means Committee markup. Rep. Estes emphasized the importance of restoring immediate research and development (R&D) expensing, stating, "The Tax Relief for American Families and Workers Act is a win for Kansans and all Americans."

Rep. Estes highlighted the bipartisan nature of the R&D expensing legislation, which he co-sponsored with Rep. Larson of Connecticut. He noted that the bill received significant support, becoming the most cosponsored piece of tax legislation in Congress.

To underscore the urgency of R&D investment, Rep. Estes pointed out that China's R&D investments have increased by 400% in just two decades, while the United States' share of global R&D investments dropped to 30% in 2019. He emphasized the negative impact of reduced R&D spending on both small businesses and workers, with the sector experiencing a loss of over 14,000 jobs.

Drawing attention to his home state of Kansas, Rep. Estes highlighted the innovative spirit and contributions of Kansans in various sectors such as healthcare, agriculture, manufacturing, and technology. He stressed the importance of correcting the tax code to support innovators and boost the economy.

Rep. Estes also commended the holistic approach of the Tax Relief for American Families and Workers Act, which allows businesses operating in US territories to immediately deduct R&D expenses incurred in those jurisdictions. He emphasized that this provision is crucial in light of the ongoing challenges posed by the OECD and the Global Minimum Tax.

In closing, Rep. Estes expressed his gratitude to Chairman Smith for his work on the tax package and urged the committee to continue working together in a bipartisan and bicameral manner. He highlighted the positive impact of the bill on American families and workers, including the full indexing of the Child Tax Credit for inflation.

Rep. Estes concluded, "I’m so pleased that our work together on R&D expensing is a highlight of this bill, and coupled with other tax provisions, it will benefit the United States economy, small businesses, innovators, families, and everyday Americans." He expressed his support for the legislation and yielded back the balance of his time.

Rep. Estes' remarks underscored the significance of R&D expensing in the Tax Relief for American Families and Workers Act and highlighted the bipartisan efforts to support innovation, job creation, and economic growth in the United States.