WASHINGTON, D.C. – Over the next 10 years, small businesses will increase GDP by $75 billion each year because of the 20 percent small business deduction, and then rise to $150 billion every year after, according to a study released by the National Federation of Independent Businesses. | waysandmeans.house.gov
A new study from the Council of Economic Advisers (CEA) confirms what working families and small business owners have long known: the 2017 Trump tax cuts delivered results, and Congress must act to make them permanent. In response to CEA’s analysis, House Ways and Means Chairman Jason Smith (MO-08) stressed the urgency for Congress to act now to lock in the pro-growth policies of President Trump’s successful tax cuts:| waysandmeans.house.gov
“Congress must pass one, big, beautiful bill to turn President Trump’s mandate into a reality to help families fed up with inflation.” | Ways and Means
“Congress must work quickly to provide Main Street job creators with the confidence they need to borrow capital, invest in their communities, and hire American workers.”| 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. – Not only did the 2017 Trump tax cuts lower the tax burden on workers, families, farmers, and small businesses, it also simplified the U.S. tax code for millions of Americans, while sharpening America’s competitive advantage. If Congress allows the Trump tax cuts to expire, over 7 million taxpayers – especially small business owners – would be hurt by the return of the alternative minimum tax (AMT).| 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
Two million family farmers would see their Death Tax exemption slashed in half.| Ways and Means
WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement to mark the seventh anniversary of President Trump signing the successful Tax Cuts and Jobs Act (TCJA) into law:| Ways and Means