Memphis Standard

Jan 25, 2024

In a statement released today, Senator Blackburn expressed her thoughts on the tax deal currently being discussed. She highlighted the positive impact of the Tax Cuts and Jobs Act, which she believes unleashed the economy and helped businesses thrive.

Senator Blackburn specifically mentioned the importance of reinstating certain provisions from the TCJA, such as R&D expensing, bonus depreciation, and the business interest deduction. She emphasized that these provisions are essential for Tennessee businesses and expressed her satisfaction that they are included in the House package.

However, the senator raised concerns about a particular provision in the tax deal. She stated, "Allowing taxpayers to use their prior-year earnings to qualify for the Child Tax Credit will disincentivize them from working and harm our workforce and economy." Senator Blackburn believes that this provision may have unintended consequences and hopes that Speaker Johnson or the Senate Finance Committee will address it before a vote in the Senate.

The senator's statement reflects her support for certain aspects of the tax deal while expressing reservations about the potential impact of the provision related to the Child Tax Credit. As discussions continue, it remains to be seen how these concerns will be addressed and whether any changes will be made to the final tax deal.