Today, Ways and Means Committee Chairman Jason Smith (MO-08) delivered the following remarks during House debate on The One, Big, Beautiful Bill. | Ways and Means
WASHINGTON, DC – Permanently extending the 20 percent deduction for 26 million American small businesses from the 2017 Trump tax cuts will supercharge Main Street’s job creation engine – leading to an estimated 1 million new jobs every year over the next decade and an additional 2 million jobs in the years that follow, according to a study conducted on behalf of the National Federation of Independent Business.| Ways and Means
WASHINGTON, D.C. – Extending the Trump tax cuts will unleash $284 billion in economic growth from manufacturing alone, according to a new study by the National Association of Manufacturers.| Ways and Means
WASHINGTON, D.C. – Any unnecessary delay in extending the 2017 Trump tax cuts heightens the risk that all Americans will see their taxes go up – including for the 91 percent of Americans who utilize the guaranteed deduction to lower and simplify their tax bill. Under the Trump tax cuts, Republicans doubled this tax deduction – making that option more attractive for more Americans to utilize in lowering the amount they owe to the IRS and making tax filing faster and less complicated.| Ways and Means
WASHINGTON, D.C. – For the past four years, working families have been paying an inflation tax of over 20 percent thanks to the Washington Democrats’ trillions of dollars spending spree. If the 2017 Trump tax cuts are not extended, those same families will see another massive tax increase. In fact, the average American taxpayer will see a 22 percent increase in their tax burden. For a family of four making just over 80,000, that’s an additional $1,695 that will be taken out of their p...| Ways and Means
Protecting Families From Tax Hikes Must Be An Immediate Priority of Next Congress| Ways and Means
Two million family farmers would see their Death Tax exemption slashed in half.| Ways and Means