In a new video released today, Ways and Means Republicans highlight how the 2017 Trump tax cuts brought in historic revenues and helped unleash American global competitiveness. A failure to extend the current tax relief would push small business tax rates higher than those in China and make it harder for workers and employers to compete with foreign adversaries, warned Committee members in the video.
In an effort to build on the success of the 2017 Trump tax cuts, Ways and Means Chairman Jason Smith (MO-08) and Tax Subcommittee Chair Mike Kelly (PA-16) created 10 tax teams earlier this year to analyze the key tax policies Congress must address to maximize relief for American families, farmers, workers, and small businesses in the wake of the Biden-Harris Administration’s cost of living crisis.
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“To get the economy back on track, we need to immediately give small businesses and workers the tools to build, hire, and outcompete the rest of the world. That starts with giving them the certainty earlier next year of what their taxes will look like in 2026 so that they can plan and invest. The Trump tax cuts created a successful blueprint that showed we can deliver relief, increase revenues, and help America stay competitive. Now it is up to Congress to act swiftly, build on the successful blueprint President Trump gave us, extend these key provisions without delay, and restore American prosperity,” said Ways and Means Chairman Jason Smith (MO-08).