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ICYMI – Chairman Smith on Kudlow: House Republicans Ready to Pass Trump’s Economic Agenda

December 10, 2024

WASHINGTON, D.C. – In an interview with Larry Kudlow, Ways and Means Committee Chairman Jason Smith (MO-08) stressed the importance of preventing the largest tax hike in American history by immediately extending the Trump tax cuts and delivering pro-growth, pro-worker tax policy as soon as possible.

Click here or on the image above to watch the full interview.

Interview Highlights

On the need to deliver on President Trump’s promises and the mandate Republicans have received from the American people: “The President was specific about what he wanted to deliver, and that is an extension of his successful 2017 Trump tax cuts… We know what President Trump wants and what 76 million Americans voted for. If we don’t hit out the gates running, we’re going to be in trouble.”

Chairman Smith touted the Ways and Means Committee’s work to prepare for the Republican trifecta and emphasized that House Republicans are ready to hit the ground running to deliver relief for working Americans and small businesses: “House Republicans are ready to pass the President’s economic package. We’ve been working on this since April with the hopes that we’d have a unified Republican government. We’ve been to over 20 different states, 120 different meetings with small business owners, stakeholders. Field hearings throughout the country. We can deliver. Give us the opportunity, and let’s deliver what Donald Trump campaigned and asked for, for working class American small business owners and family farmers.”

Key Individual Tax Policies from the Trump Tax Cuts Set to Expire if Congress Fails to Act

  • The average taxpayer would see a 22% tax hike if the Trump Tax Cuts expire.
  • A family of 4 making $80,610, the median income in the United States, would see a $1,695 tax increase if the Trump Tax Cuts expire.
    • This is worth about 9 weeks of groceries to a typical family of 4 across the country.
  • 40 million families would see their household’s Child Tax Credit cut in half.
  • 90 percent of all taxpayers would see their Guaranteed Deduction slashed in half.
  • 26 million small businesses would be hit with a 43.4% tax rate if the 199A Small Business Deduction expires.
  • 7 million taxpayers would be impacted by the return of the Alternative Minimum Tax
  • 2 million family-owned farms would have their Death Tax Exemption slashed in half next year.