WASHINGTON, D.C. –Ways and Means Committee Chairman Jason Smith (MO-08) and Tax Subcommittee Chairman Mike Kelly (PA-16) previously announced the formation of ten Committee Tax Teams, comprised of Ways and Means Republican members, to examine the tax policies from the 2017 Trump tax cuts scheduled to lapse in 2025, as well as identify additional tax policy ideas that will shield Americans from the Biden-Harris Administration’s proposed $7 trillion tax hike.

Over the past couple of months, the Tax Teams have held more than fifty roundtables and listening sessions both in Washington, D.C. and across the country, with more to come, to hear from small business owners, manufacturers, farmers, and working families who will be most impacted by the expiration of the Trump tax cuts.

Highlights

American Manufacturing

In June, American Manufacturing Tax Team Chair, Rep. Vern Buchanan (FL-16), joined by Reps. Claudia Tenney (NY-24) and Nichole Malliotakis (NY-11), participated in a roundtable hosted by the National Association of Manufacturers (NAM), to discuss how pro-growth tax policies are needed to ensure U.S. global competitiveness. The manufacturers stressed the importance of extending important tax incentives, like 100 percent expensing and interest deductibility, from President Trump’s signature tax law that reduce the cost of job-creating investments.

Main Street

The Main Street Tax Team Vice Chair, Rep. Greg Steube (FL-17), hosted a roundtable with the Main Street Employers Coalition in Sarasota, Florida last month. Representatives from the local business community came together to discuss the importance of preserving the 20 percent small business deduction, which so many small businesses rely on in order to remain competitive with larger corporations.

Supply Chains

Congresswoman Carol Miller (WV-01), Chair of the Supply Chains Tax Team, hosted a roundtable with energy stakeholders at a Mine Methane capture facility earlier this month. During the roundtable, Committee members, including Reps. Mike Kelly (PA-16) and Randy Feenstra (IA-04), discussed how the domestic energy sector and the U.S. Tax Code can better work in harmony to help make the U.S. truly energy independent and less reliant on foreign nations for our needs. 

In June, the Supply Chains Tax Team Vice-Chair, Rep. David Kustoff (TN-08), hosted economic roundtables across West Tennessee. Local certified public accountants, area Chamber of Commerce members, financial planners, and economic development leaders came together to discuss their priorities for the 2025 tax package. If the Tax Cuts and Jobs Act tax provisions expire, a family of four making $75,000 a year would see a $1,500 tax increase. 

Community Development

Earlier this month, Community Development Tax Team Chair Mike Kelly (PA-16) conducted a site visit at The Bridge District in Washington, D.C., a major community revitalization project made possible by Opportunity Zone tax incentives included in the 2017 Trump tax law. According to a 2023 Economic Innovation group report, nearly fifty billion dollars has been invested in 7,800 Opportunity Zone Funds nationwide. 

Learn more about the Ways and Means Committee Tax Teams here.