“We must take action quickly in one, big beautiful bill to create jobs that support families and ignite the second Trump economic boom. Failure is not an option”

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Bureau of Labor Statistics released the jobs report, showing the economy created 143,000 new jobs:

“It turns out that the Biden economy was worse than anyone thought. This jobs report shows the biggest downward revision since 2009 and between 2023 and early 2024, the U.S. added 598,000 fewer payrolls than originally reported. President Trump and congressional Republicans are now cleaning up Democrats’ mess and are helping America’s job creators and workers, not wasting taxpayer money on ‘woke’ pet projects and handouts to the wealthy and well-connected. With President Trump in the White House, Republicans have achieved more in 17 days to help Americans than President Biden did in four years of failed economic policies that wiped away family savings and raised prices. The Republican House and Senate will keep up the momentum and must quickly and permanently extend the Trump tax cuts and provide relief to families. If not, workers and small businesses will be left wondering whether their taxes will go up in just a few months as part of the largest tax hike in American history. Instead of deploying capital today in new facilities and new workers, small businesses are calling accountants to figure out how to navigate a potential 43.4 percent tax rate if the Trump tax cuts expire. We must take action quickly in one, big beautiful bill to create jobs that support families and ignite the second Trump economic boom. Failure is not an option”

Extending the Trump Tax Cuts
Permanent extension of the 2017 Trump tax cuts will fuel significant economic growth and prosperity. 

• 1 million new jobs created by small businesses if the 20 percent small business deduction is made permanent. 
• $150 billion in economic growth from permanent extension of the 20 percent small business deduction. 
• $284 billion of new economic growth from American manufacturers. 
• $50 billion in new investment in Opportunity Zones, which represent the poorest neighborhoods and communities in the country. 

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

• 6 million jobs will be lost if the tax cuts are not extended.
• The average taxpayer would see a 22 percent tax hike if the Trump tax cuts expire.
• A family of four 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 four across the country.
• 40 million families would see their household’s Child Tax Credit cut in half.
• 91 percent of all taxpayers would see their guaranteed deduction slashed in half. 
• 26 million small businesses would be hit with a 43.4 percent top tax rate if the Section 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.