Smith and Wyden sponsor bipartisan tax relief package in Congress

Missouri Republican Congressman Jason Smith is co-sponsoring legislation with Oregon Democratic U.S. Senator Ron Wyden geared towards providing tax relief to both families and businesses. 

The companion bills would expand access to the refundable portion of the federal child tax credit for the years 2023, 24 and 25; eliminate penalties for larger families; and adjust that tax credit for inflation starting this year. 

It would also allow businesses to deduct research and development investments immediately instead of having to wait 5 years. 

And it would do away with the Employee Retention Tax Credit Program, which Smith and Wyden say is plagued by fraud and waste.