Southern West Virginia News

Feb 6 2024

WASHINGTON, D.C. - The Ways and Means Committee held a field hearing in Petersburg, West Virginia one year ago today, where small business owners and working Americans shared their struggles and urged Congress to enact policies that would provide relief to their communities and families. The hearing highlighted how small businesses and families had been forgotten by the Biden Administration and Democrats in Congress, and how rural communities are suffering due to reckless spending in Washington D.C.

Congresswoman Miller (R-WV) emphasized the challenges faced by small businesses and families and criticized the lack of attention given to them by the current administration. She stated, "Families are struggling to afford the basics, small businesses do not have the tools to build and grow, and China is tilting the competitive playing field in their favor, driving workers out of jobs and job creators out of business."

The Tax Relief for American Families and Workers Act was introduced as a direct response to the concerns and testimonies raised by working Americans during the hearing. The act aims to address the struggles faced by millions of working families and small businesses. It includes measures such as restoring full expensing for capital equipment, making it easier for small businesses to grow and hire more Americans. Tom Plaugher, a lumber industry veteran, described the struggle to access capital as a "war on small business." He explained, "As those folks cannot get access to capital, it’s a very capital intensive business. So it’s kind of the war on small business that’s preventing folks like that from starting new businesses, growing existing businesses that affects our supply chain for the raw materials we need."

Ashley Bachman, a mom of three and local restaurant owner, shared how her business is suffering due to inflation and rising costs. She expressed her concerns, saying, "Our little restaurant has been bleeding money due to all the increased costs and I don’t know how much longer we’ll be able to continue with the prices the way they are…"

Wylie McDade, a Navy veteran and co-owner of a local distillery, highlighted the need for lower and more consistent fuel prices, more choice in energy, and the strengthening of national manufacturing. He stated, "We need to strengthen national manufacturing…"

The Tax Relief for American Families and Workers Act includes various tax incentives from the 2017 Trump tax reforms, which have proven to create jobs, raise wages, and invest in America. These incentives include support for research and development (R&D) investment, interest deductibility, immediate expensing, and small business expensing and relief from IRS red tape.

The Tax Relief for American Families and Workers Act is a step towards addressing the concerns raised by small businesses and working Americans. It aims to provide relief to struggling families and small businesses, promote investment and job creation, and strengthen the economy. The voices of small business owners and working Americans have played a crucial role in shaping this tax package, ensuring that their concerns are heard and addressed.