Statement from Arnold Ventures’ George Callas on the Passage in the U.S. House of Representatives of the Tax Relief for American Families and Workers Act

Arnold Ventures applauds the House for passing H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. This legislation reflects bipartisan compromise and fiscal responsibility rarely seen in Congress. 

The deal struck by Representative Jason Smith and Senator Ron Wyden reflects a fully funded, bipartisan compromise rarely seen in recent decades. The reforms to the Child Tax Credit help low-income families while preserving the credit’s work incentives and maintaining important anti-fraud safeguards – a difficult needle to thread. We also support the choice to fully offset the package by winding down the fraud-ridden, pandemic-era Employee Retention Credit. 

Arnold Ventures hopes that the legislation continues to move forward in the Senate with the bipartisan support it received both in committee and in the House. 

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