Today, Ways and Means Committee Chairman Jason Smith (MO-08) delivered the following opening statement at a field hearing in Las Vegas, Nevada on how The One, Big, Beautiful Bill benefits workers and families. | Ways and Means
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
WASHINGTON, D.C. – Days after Congress took a major step in unlocking the reconciliation process to provide tax relief for working families, farmers, and small businesses, Ways and Means Chairman Jason Smith (MO-08) issued the following statement in observance of Tax Day: | 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
Chairman Smith: “If we want to continue President Trump’s legacy of a strong economy, Congress must act swiftly to make the tax cuts permanent.”| 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
Since the 2017 tax relief, no major American corporation has inverted overseas.| 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
With Cuts Expired, Chinese Companies Benefit From R&D Expensing 10 Times Larger.| Ways and Means
WASHINGTON, D.C. – Small businesses drive America’s economy, generating jobs and economic growth in communities big and small all across the country. The 2017 Trump tax cuts invested in this engine of economic growth by providing a 20 percent small business tax deduction – otherwise known as Section 199A – which helped ensure shops lining Main Streets across the nation could compete with larger companies and empowered job creators by giving them the resources to invest in their busin...| Ways and Means
Safeguards put in place to help prevent Child Tax Credit (CTC) benefits from flowing to illegal immigrants, that Republicans passed as part of the 2017 Trump tax cuts, will be eliminated if Congress fails to act. Throughout the 25-year history of the CTC, there was no meaningful safeguard with respect to illegal immigration until the 2017 Trump tax cuts, when Congressional Republicans added a Social Security Number (SSN) requirement as part of eligibility for the credit. After the SSN require...| Ways and Means