“Congress must quickly extend the Trump tax cuts and deliver on President Trump’s promises to the American people.”

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Federal Open Market Committee announced its decision to hold its benchmark rate flat: 

“Americans rejected the Bidenomics of the last four years that sparked the highest interest rates in a generation. Under the previous Administration, families were locked out of the American Dream of owning a home and raising a family. President Trump’s pro-working family policies will help more Americans get ahead. We know this because President Trump’s first term was a booming success: Prices were lower, mortgage rates were lower, families could actually afford homes, and we had the world’s strongest economy. Congress must quickly extend the Trump tax cuts and deliver on President Trump’s promises to the American people. House of Representative Republicans got the ball rolling on one, big, beautiful bill to stop the largest tax hike in our country’s history, fund much needed border security, and restore American energy dominance. Congress must not rest until we put that bill on President Trump’s desk.”

Extending the Trump Tax Cuts
Restoring and extending 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.