Today, Ways and Means Committee Chairman Jason Smith (MO-08) delivered the following remarks at a Rules Committee meeting considering The One, Big, Beautiful Bill.

As prepared for delivery.

Thank you Chair Foxx and Ranking Member McGovern for the opportunity to testify on how The One, Big, Beautiful Bill is delivering on historic tax relief for blue collar workers, middle-class families, farmers, and small businesses.

We are at the point now that both the House and the Senate have had their voices heard, and while some of the bill has changed, its priorities have not.

We are delivering an American economy that prioritizes the working class and the families that make up the heart of this country. We embrace policies that were cheered by the small businesses, farmers, moms, and dads that appeared before the Ways and Means Committee in field hearings and tax team meetings throughout the country over the course of more than two years. 

This disproves Democrat claims that this bill is “rushed” and was created “behind closed doors.” The American people know EXACTLY what is in this bill. Seventy-seven million Americans voted for this bill. We should do the same.

Democrats used one-party control of Washington to supercharge the IRS with more middle-class audits and more reporting requirements for gig workers and small businesses. 

They spent over $600 billion on handouts to the wealthy, well-connected, and the political class.

The Republicans’ One, Big, Beautiful Bill not only ends Democrats’ lavish radical green handouts and stops the threat of a $1,700 tax increase on working families, but because of a bigger child tax credit and increased standard deduction, Americans will get an immediate tax cut compared to what they would pay today.

Households earning less than $100,000 get a 12 percent tax cut compared to what they are paying right now. Wealthy Americans will pay a greater share of the tax burden than they do now – just as what happened after the 2017 tax cuts. Democrats want to tell a different story, but simple math shows who pays more taxes under this bill.

With The One, Big, Beautiful Bill, we will protect or create more than 7 million jobs. Small businesses alone are projected to create 1 million new jobs annually.

Democrats’ spending fueled price hikes. Republicans’ tax cuts will boost pay raises.

Under Democrats, American families experienced rampant inflation caused by President Biden’s lavish spending. Under these Republican tax cuts, a typical family of four will see their take-home pay increase by upwards of nearly $11,000 per year. Real wages for workers will rise by as much as $7,200 per year. 

We go even further by including President Trump’s promises of no tax on tips, overtime pay, and car loan interest, and tax relief for seniors. The waitress making her living on tips gets an extra $1,300 in her pocket. The lineman working overtime to restore power after a natural disaster gets an extra $1,400.

Forty million American families will see a permanent increase in the Child Tax Credit to $2,200. For the 91 percent of families who use the standard deduction to file their taxes, they will see a permanent increase of up to $31,500.

Democrats want Washington to tell families what to do. Republicans believe parents know what works for them.

For education, we give parents and students more opportunity to choose schooling that best fits their needs, including trade schools, by expanding 529 education savings accounts.

For family growth and health, we enhance the adoption tax credit, make permanent the paid leave tax credit, increase the child and dependent care credit as well as flexible spending arrangements, and expand health savings accounts. 

For our children’s future, Trump Accounts put children on a financially secure footing pegged to America’s economic success.

Under Democrats, families could barely get by. Under Republicans’ One, Big, Beautiful, Bill, families will thrive.

This is a historic opportunity to build on the success of the 2017 Trump tax cuts and provide additional relief for workers, families, farmers, and small businesses while creating an economic environment that will encourage more investment, more growth, and more jobs here in America. In fact, even before this bill’s passage, policies contained within it have already notched victories, with the recently announced G7 global tax framework and Canada ending its unfair digital service tax. The G7 agreement alone will stop foreign governments from stealing upwards of $120 billion of revenues from our country’s coffers. 

We are prepared to get pro-worker, pro-family, pro-America tax relief to the President’s desk so families and Main Street businesses can start planning their own futures as soon as possible.

Thank you for your time, and I look forward to your questions.