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Media Contact
Nazirah Ahmad
nazirah@emccommunications.com
(704) 290-6869

Senate's rejection of tax bill hurts small businesses and workforce stability 



Statement by Small Business for America’s Future Co-chair Anne Zimmerman on Senate failure to advance tax bill that would expand Child Tax Credit

Aug. 1, 2024– “Small Business for America’s Future is disappointed by the Senate’s failure to advance the Tax Relief for American Families and Workers Act of 2024, which won bipartisan support in the House and would have significantly expanded the Child Tax Credit to the benefit of many families that work for small businesses.

“The expansion of the Child Tax Credit within this bill was a crucial opportunity to address ongoing workforce challenges faced by small businesses and to drive consumer spending in their communities. A Small Business for America’s Future survey shows that most small business owners believe the flexibility and predictability created by payments from an expanded Child Tax Credit allows parents to afford child care, which benefits small businesses that need workers with stable schedules.

“By failing to pass this legislation, opponents in the Senate have overlooked a solution that would have put money into the economy and supported the backbone of our nation’s economic growth – small businesses. This bill was not just about tax relief; it was an investment in the stability and success of Main Street. 

“Our tax code must be revamped with Main Street's priorities at the center. As we approach the expiration of key provisions in the Tax Cuts and Jobs Act, now is the time to implement solutions that unleash small business potential as catalysts for economic success.

“Small business owners have consistently told us that the current tax code favors large corporations over small businesses. As we look towards 2025, we need a tax system that levels the playing field and provides targeted support to the entrepreneurs who drive innovation and job creation in our communities. Today’s vote was a missed opportunity.” 

Small Business for America’s Future Co-Chair Anne Zimmerman is available for interviews upon request, contact Nazirah Ahmad at nazirah@emccommunications.com or 704-290-6869.

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About Small Business for America’s Future

Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.