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
WASHINGTON, D.C. – For years, Democrats fought to ensure taxpayer subsidies went to illegal immigrants and fraudsters, rather than the vulnerable for whom the resources were originally intended. The One, Big, Beautiful, Bill (OBBB) prevents taxpayer benefits from going to fraudsters and illegal immigrants by requiring a Social Security number for individuals claiming refundable tax credits, ends illegal immigrant eligibility for Obamacare subsidies and Medicare, and establishes new fees on...| Ways and Means
“This week, we saw how the Trump economy is firing on all cylinders: strong economic growth, better trade deals, wages outpacing price increases, tamed inflation, and now, a job market that keeps going. Unlike during the Biden Administration, when taxpayers were forced to pay for millions of new bureaucrats while watching their grocery and gas bills skyrocket, President Trump’s economy is freeing the private sector to create new jobs with more financial security for American families. Sma...| Ways and Means
SIMI VALLEY, CA – Beneath Air Force One inside the Ronald Reagan Presidential Library, the Ways and Means Committee heard from Americans about how The One, Big, Beautiful Bill is a needed shot in the arm for small businesses, manufacturers, and farmers. Witnesses shared how the permanence of the tax cuts included in the law – the 20 percent small business deduction, the doubled Death Tax exemption, immediate expensing for research and development (R&D), interest deductibility, and a retu...| Ways and Means
“President Trump’s executive order provides immediate relief to American workers and small businesses. By suspending the de minimis privilege that currently allows many packages valued under $800 to avoid otherwise applicable tariffs, President Trump is taking fast, decisive action to stop the flood of cheap, tariff-free imports that all too often skirt compliance with U.S. law. This follows President Trump’s suspension of de minimis shipments from China starting in May – and this lat...| Ways and Means
“The Fed is once again misreading the moment. It’s failure to cut interest rates is harming working families who have to bear the cost of that inaction. Biden’s 9 percent annual inflation in 2022 is a thing of the past, and inflation under President Trump’s policies reached its lowest level in four years. With economic growth surging at 3.0 percent in the second quarter, today’s GDP report leaves no doubt: the President’s agenda is delivering for working families and small busines...| Ways and Means
Las Vegas, Nevada – In front of the iconic “Welcome to Las Vegas” neon sign inside of the warehouse of that actual sign manufacturer, the Ways and Means Committee heard directly from hardworking Nevadans about how they will benefit from The One, Big, Beautiful Bill. President Trump’s new tax relief for workers and seniors – no tax on tips, no tax on overtime, and no tax on Social Security – will put more money in the pockets of those Americans who need it most. Witnesses shared h...| Ways and Means
Ways and Means Committee Chairman Jason Smith (MO-08) delivered the following opening statement at a hearing held at the Ronald Reagan Presidential Library in Simi Valley, California on how The One, Big, Beautiful Bill gives permanent tax relief to farmers, small businesses, and manufacturers. | Ways and Means
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
“Another historic win for America’s ranchers and farmers thanks to President Trump’s leadership. To be clear, U.S. beef is and has been safe and healthy, and Australia should have acknowledged as much long ago. However, it clearly took President Trump’s unprecedented commitment to restoring fairness to America’s trade relationships to reach this result. I appreciate the cooperation by Australia to see this process through to completion and look forward to more wins for American agri...| Ways and Means
WASHINGTON, D.C. – Americans recovering from a natural disaster will receive new tax relief under bipartisan Ways and Means Committee legislation signed into law by President Trump. The Filing Relief for Natural Disasters Act, H.R. 517, removes the immediate burdens and hassle of filing taxes after a natural disaster by allowing the Treasury Department to postpone filing deadlines for Americans living in a state-declared disaster area that has not yet received a federal disaster designati...| Ways and Means
WASHINGTON, D.C. – The rapid growth of Medicare Advantage (MA) enrollment in recent years has created an opportunity for Congress to improve and enhance the program to better serve MA beneficiaries in years to come, especially in rural areas, witnesses told members of the Ways and Means Subcommittee on Health and Subcommittee on Oversight.| Ways and Means
WASHINGTON, D.C. – Ahead of the expiration of key components of the Tax Cuts and Jobs Act in 2025, the Ways and Means Committee is examining pro-growth and pro-family policies to determine how best to build on its success. Under the 2017 Trump tax cuts, real median household income increased by $5,000 and real wages rose by 4.9 percent in the two years after the legislation was signed into law. The economy grew an entire percentage point faster than projected, and the trend of American c...| Ways and Means
WASHINGTON, D.C. – Today, the Ways and Means Committee advanced five tax bills, each of which provides real relief for Americans facing challenges. The Committee voted to repeal a Biden-Harris Administration policy that gives the Internal Revenue Service (IRS) more power to snoop around minor financial transactions by Americans – like buying a couch or selling concert tickets – using payment apps like Venmo and PayPal. Additional legislation approved by the Committee prohibits tax-exem...| Ways and Means
WASHINGTON, D.C. – Relief for workers and small businesses was approved by the House Committee on Ways and Means, led by Chairman Jason Smith (MO-08), with new measures designed to help them navigate price spikes, worker shortages, and supply chain failures in President Biden’s economy. The legislation, called the “Small Business Jobs Act” (H.R. 3937) cuts IRS red tape for contractors and gig workers, helps small businesses raise capital, drives more investment and growth with new exp...| Ways and Means
WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08), Ways and Means Health Subcommittee Chairman Vern Buchanan (FL-13), and Ways and Means Oversight Subcommittee Chairman David Schweikert (AZ-01) released the following statements after the Centers for Medicare and Medicaid Services (CMS) moved to protect the integrity of Medicare Advantage (MA) by expanding audits of MA plans to prevent fraud and overpayments. | Ways and Means
WASHINGTON, D.C. – American families, farmers, workers, and small businesses will soon see a massive surge in economic growth, wage gains, and higher incomes thanks to President Trump’s One, Big, Beautiful Bill which passed the U.S. House of Representatives today and now heads to the Senate for consideration. | Ways and Means
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
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
December 22, 2017. After the U.S. House of Representatives passed H.R. 1 – The Tax Cuts and Jobs Act, the legislation was signed into law by the President. This was the first rewrite of our nation’s tax code in over 31 years.| Ways and Means
Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the IRS announced its plans to unlawfully re-write the reporting threshold of Washington Democrats’ 1099-K policy and once again delay its full implementation for the third time in three years:| Ways and Means
“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, D.C. – Oversight of America’s welfare system is still falling short of protecting taxpayers and preventing waste, fraud and abuse, according to two new watchdog reports. The Government Accountability Office (GAO) has found that the Department of Health and Human Services (HHS) must do more to monitor states’ use of welfare funding under the Temporary Assistance for Needy Families (TANF) program – including strengthening the department’s fraud risk management efforts to ...| 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
“We are holding our Member Day hearing earlier than last Congress, because speed is of the essence to deliver much needed relief to working families and to give small businesses the certainty that their taxes will not be going up.”| 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
PARIS – In a meeting with the Organization for Economic Co-operation and Development (OECD), the international association coordinating the global tax deal, members of the House Ways and Means Committee, led by Chairman Jason Smith (MO-08), made clear that countries that try to use the OECD global tax deal to steal away American jobs and tax revenues can expect economic consequences in the future. Chairman Smith was joined in the meetings by the following Committee members:| 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
On April 24, 2024, Ways and Means Committee Chairman Jason Smith (MO-08) and Tax Subcommittee Chairman Mike Kelly (PA-16) announced the formation of ten Committee Tax Teams, comprised of Ways and Means Republican members, to study key tax provisions from the 2017 Trump tax cuts that are set to expire in 2025 and identify legislative solutions that will protect Americans from a multitrillion dollar tax increase.| 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
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
Washington, D.C. – American farmers have won a victory over Mexico’s unfair trade practices thanks to months of work by Ways and Means Republicans to get the Biden Administration to take action. Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after a United States-Mexico-Canada Agreement (USMCA) dispute settlement panel challenging the Mexican government’s unscientific ban of American-grown corn ruled in favor of American farmers:| Ways and Means
“Congress must quickly extend the Trump tax cuts and protect every single American from a tax hike that would only make life more expensive.” | 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
WASHINGTON, D.C. – Today, Ways and Means Committee Chairman Jason Smith (MO-08) and Tax Subcommittee Chairman Mike Kelly (PA-16) announced the formation of ten Committee Tax Teams, comprised of Ways and Means Republican members, to study key tax provisions from the 2017 Trump tax cuts that are set to expire in 2025 and identify legislative solutions that will continue to help families, workers, and small businesses struggling in the Biden economy. | Ways and Means
