WASHINGTON, D.C. – Since April, Ways and Means Committee Tax Teams have held over 100 events and traveled to 18 states to learn how Congress can not only extend the expiring provisions of President Donald J. Trump’s signature 2017 tax law and avert the Biden-Harris Administration’s promised $7 trillion tax hike on all Americans, but also expand on that success to reform our tax code to the benefit of American workers, manufacturers, small businesses, and farmers.
U.S. Innovation
U.S. Innovation Tax Team Chair, Rep. Ron Estes (KS-04), led a delegation of Ways and Means Committee members, including full Committee Chairman Jason Smith (MO-08) and Innovation Tax Team Vice Chair Michelle Steel (CA-45), to Silicon Valley to speak directly with innovators, startups, technology companies, and other stakeholders. Tax Team members heard firsthand how the Trump tax cuts successfully spurred innovation in the United States and allowed American innovators to compete globally, as well as the need to protect those companies’ intellectual property from theft by foreign adversaries like China.
American Workforce
Rep. Darin LaHood (IL-16), Chairman of the American Workforce Tax Team, joined by Rep. Mike Carey (OH-15), hosted a roundtable in Rockford, Illinois with small business, workforce, and community stakeholders to discuss how U.S. tax policy can improve workforce hiring and retainment, child care and paid leave incentives, and education. The roundtable also provided Tax Team members with critical insight into the negative impact the expiration of key provisions from the Trump tax cuts will have on Illinois families, workers, and small businesses.
New Economy
New Economy Tax Team Chair, Rep. David Schweikert (AZ-01), joined by Reps. Beth Van Duyne (TX-24) and Claudia Tenney (NY-24), hosted a briefing in Washington, D.C., with cryptocurrency industry stakeholders to discuss the tax treatment of digital assets as Congress works to extend and build upon the success of the Trump tax cuts.
Rural America
The Rural America Tax Team, chaired by Rep. Adrian Smith (NE-03), and the U.S. Innovation Tax Team, chaired by Rep. Ron Estes (KS-04), hosted a joint briefing with agriculture business leaders to discuss the expiration of the small business Section 199A deduction. Tax Team members, including Reps. Michelle Steel (CA-45), Randy Feenstra (IA-04), Claudia Tenney (NY-24), and Brad Wenstrup (OH-02), heard about the importance of the deduction to the agricultural industry and how the expiration of the provision would put those small businesses at a competitive disadvantage to large corporations in the United States.
Supply Chains
Supply Chains Tax Team Chair Rep. Carol Miller (WV-01) and Vice-Chair Rep. David Kustoff (TN-08) held a briefing at the National Association of Manufacturers (NAM) headquarters to discuss the pro-growth tax provisions expiring next year. Manufacturers shared with Reps. Miller and Kustoff how a lower tax rate helps American businesses compete globally, create jobs, purchase new equipment, and give back to their communities.
Photo by David Bohrer / National Assoc. of Manufacturers)