This pro-family bill is stalled in the U.S. Senate. Crapo, Risch should get behind it | Opinion

There’s an important bipartisan tax relief bill in the U.S. Congress right now that would enhance child tax credits for working families and expand essential tax deductions to businesses to encourage innovation. The bipartisan bill — called the Tax Relief for American Families and Workers Act — received a strong bipartisan vote of support (357 to 70) in the U.S. House earlier this year but has been stalled in the Senate ever since despite being endorsed widely, including by business groups, chambers of commerce, parents’ groups, pro-life organizations, anti-poverty advocates, conservative coalitions and progressive ones. The window of opportunity is closing, and it just needs a few more votes of support to cross the finish line.

If the Senate passes this bill, there are several ways Idahoans will be better off.

The bill would give Idaho families, and particularly those living in rural communities, essential support in the form of a child tax credit for working families. Consider, for example, a married couple in Idaho with a 2nd grader, a preschooler and a newborn. One parent earns $30,000 in the retail industry while the other parent stays home to care for their children. The expansion would boost this family’s tax credit by $1,275 in the first year, helping them afford groceries, diapers, utility bills and other necessary expenses.

That’s just in Idaho. The child poverty rate in the U.S. is now over 12 percent. More than one in 10 children is living in poverty. This bipartisan bill is about fixing those numbers of children in working families who are still living below the poverty line. In 2024, it could lift as many as 400,000 children above the poverty line, and next year, it would lift close to half a million children out of poverty.

This benefits not just those families but our community and society as a whole. And it makes good fiscal sense. We know, and study after study proves, that children who grow up in financially stable households are more likely to succeed in school, they’re likely to have better physical and mental health, and they’re less likely to engage in risky behaviors. These same studies show that children whose working families receive financial support from programs like the federal child tax credit are more likely to attend college and earn higher wages in the future. This leads to a more educated and skilled workforce and contributes to the economic success of our nation. In short, there are significant social and economic wins with this bill.

Not only is the bill pro-family, it’s also pro-growth and would help Idaho businesses today. The pro-growth tax provisions in the bipartisan bill are a boon for Idaho small business owners who want to lower costs that have accompanied three years of rising inflation. They’re also a boon to small businesses in Idaho that want to invest more money into their businesses to innovate and grow, resulting in more jobs in their communities.

If Congress passed this bill today, it would do three important things for Idaho businesses: First, it would immediately deduct research and development costs, which will undoubtedly help Idaho competitiveness and innovation. Second, it would cut red tape for small businesses by increasing reporting thresholds for contract labor. And third, it would increase the amount of investment a small Idahoan business can write off by almost $300,000 above the current cap.

The bill that’s good for Idaho families and good for Idaho businesses is also good for Idaho taxpayers. Specifically, it’s funded by the ending of the COVID-era Employee Retention Tax Credit, which makes this a pro-family, pro-growth investment in America’s hardworking families and small businesses that is already paid for.

There are few moments in present-day American politics when both parties are aligned on policies that would help all of America. This is one of those opportunities. We should seize this chance to do some real good for Idaho families and Idaho businesses, for American families and American businesses. Although both parties in the House voted overwhelmingly in favor of this modest but impactful bill, it has stalled in the Senate for months. We call on Sen. Mike Crapo, given his influence in the Senate Finance Committee, and Sen. Jim Risch to move forward in favor of tax relief for families and small businesses by passing the Tax Relief for American Families and Workers Act.

Lori Hickman lives in Boise and is the board chair for Mormon Women for Ethical Government. Andrew Scoggin lives in Boise and is CEO of Scoggin Capital Investment and former executive vice president of Albertsons.