“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.”

As prepared for delivery.

“I want to welcome everyone to the first Ways and Means hearing with President Trump back in the White House. This committee has been preparing itself for this moment for two years and we are immediately getting to work to advance the agenda of the American people.

“This Member Day hearing is a continuation of a member-driven process to get the right policies to the President’s desk. Last Congress, our Member Day had the most participation of any committee. 50 percent of the policies discussed at our last Member Day hearing went beyond this committee. Policies like foster care reforms, border protection, and expanding educational choice for parents, were all advanced after Member Day. Today’s hearing will have even more members testify than last year. We also invited off-committee members to participate in all 14 hearings we held outside Washington in the 118^th Congress, including those on the state of the American economy. 

“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. To deliver on President Trump’s economic agenda, this committee needs to hear from the representatives from every corner of this great country. 

“During the first Trump Administration, tax cuts ignited the largest economic boom of my lifetime, particularly for middle-class families. Taxpayers making less than $100,000 got a 16 percent tax cut while the top 1 percent paid a larger share of income taxes. We doubled the child tax credit and the guaranteed deduction. Families in the bottom 10 percent saw their incomes rise faster than wealthy families in the top 10 percent. Unemployment and poverty both fell to the lowest levels ever recorded. The economic boom of the first Trump presidency fueled by pro-growth policies grew federal revenues $1.6 trillion beyond what was even projected. The bottom line: workers had more money in their pockets and businesses had more freedom and capital to grow and invest in their operations and employees. 

“The stakes are high if Congress does not act quickly to extend tax relief. Capital will remain on the sidelines as businesses fear a 43 percent federal tax rate.  

“Good-paying jobs will be lost, while we risk further weakening our competitive edge against Communist China. 

• 40 million parents will have their Child Tax Credit slashed in half. 
• 2 million family farmers will see the Death Tax exemption slashed in half. 
• 91 percent of all taxpayers will see their guaranteed deduction slashed in half. 
• 26 million small businesses will be hit with a 43.4 percent top tax rate, more than 20 points higher than what businesses pay in Communist China. 

“People across the country know that we need to act and act fast. Last week, at the first policy hearing across the 119^th Congress, an accountant testified before this committee that ‘My phone is ringing off the hook’ with calls from farmers and small businesses, worried about the future of their business. These folks are the builders behind the economic boom the 2017 tax cuts ignited. And they are making decisions today, not months from now, but today, as to whether to open new facilities, hire new employees, and invest in their communities. 

“Families and small businesses need the certainty provided by permanent tax relief. At the same time, there is more we can do and must do to further unleash America’s economic potential. Whether it is greater incentives for investments in American manufacturing and jobs here at home; greater support for folks looking to start a family or grow a family; new tax relief to secure critical supply chains and combat China’s harmful influence over our economy and national security.

“Every single American will be affected by the policies this committee will consider in the days, weeks, and months ahead, so it is critical we hear from their representatives about their priorities. To the people watching at home, know that your representatives in Congress are not shy about fighting for you.

“I know I speak for the members of this committee when I say that I look forward to hearing from my colleagues about their ideas to deliver timely economic relief to the American people this year.”