Ways and Means Committee Chairman Jason Smith (MO-08) gave the following remarks on the House floor during debate on the Fiscal Year 2025 budget resolution.

As prepared for delivery.

“Four years ago, President Trump left Joe Biden a blueprint for success. And then Democrats proceeded to open our borders, undermine American energy, and spend trillions of dollars on handouts to the wealthy. 

“They created the highest inflation in forty years that made it impossible for working families to get ahead. 

“That’s why the American people sent Donald Trump back to the White House with a mandate. 

“Now it’s up to Congress to deliver on that mandate to make our economy work again for working families. 

“The economy isn’t just numbers on a chart – it’s the farmer who wakes up at 4:00 AM; the mom or dad working two jobs; the shop owner figuring out how to keep the store lights on; the truck driver working overtime. 

“To my Democrat colleagues, let’s be clear: a vote against this budget is a vote to raise taxes on low-income Americans. 

“Extending the Trump tax cuts will give the lowest-income families a tax cut of 15 percent – the highest of any income group. On the other hand, failing to extend these tax cuts means the average taxpayer will see a 22 percent tax hike. The average family of four making $80,000 a year will see their taxes go up by almost $1,700 – that’s two months’ worth of groceries. 

“Americans need certainty that relief is on the way. 

“Workers need certainty that their taxes won’t go up. Twenty-six million small businesses need certainty that their tax rate won’t rise to 43 percent in a few short months so they can focus on investing and hiring more workers. Two million family-owned farms need certainty they won’t be forced to sell their farm to pay an increased death tax. They need to know right now if they should be contacting an estate planner for the massive tax hike that’s coming. Parents need certainty their guaranteed deduction of $30,000 won’t be cut in half and their child tax credit won’t be slashed from $2,000 to $1,000. 

“Following passage of the Trump tax cuts, wages increased by 4.9 percent, the fastest two-year growth in real wages in twenty years. Five million new jobs were created. More than 6 million people were lifted out of poverty. Real median household income rose by $5,000. The economy grew a full percentage point higher than CBO’s initial forecast – and revenues have remained steady at 17 percent of GDP. 

“Building on President Trump’s tax cuts will deliver a new golden age of prosperity – over 1 million new small business jobs each year, $284 billion in economic growth from more manufacturing, and billions in new investments to revitalize our poorest neighborhoods. We will reignite our economy with a return of policies like 100 percent immediate expensing, and incentives to make sure R&D is happening here and not being outsourced around the globe. We will deliver on President Trump’s commitment to tax relief for tipped workers, help for seniors struggling with inflation, and tax relief for overtime workers.

“President Trump’s policies will spark an economic recovery. 

“And that recovery starts by passing this budget so we can send one big, beautiful bill to President Trump’s desk.”