Ways and Means Committee Chairman Jason Smith (MO-08) delivered the following opening statement at a hearing held at the Ronald Reagan Presidential Library in Simi Valley, California on how The One, Big, Beautiful Bill gives permanent tax relief to farmers, small businesses, and manufacturers.

As prepared for delivery.

“I want to start off by thanking both the Young America’s Foundation and the Ronald Reagan Presidential Foundation and Institute for graciously hosting us.

“Ten years ago, Donald Trump stood up on the debate stage here at the Reagan Library, and made a bold promise to the American people. He promised middle-class Americans a major reduction in their taxes. He delivered on that promise in 2017 and he delivered on it again just a few weeks ago when we signed into law another middle-class tax cut in The One, Big, Beautiful Bill.  

“The Ways and Means Committee played a crucial role in developing this legislation, and much of that work happened outside Washington, at field hearings like these. We heard from regular, working Americans, and turned their ideas into law. This will be our 14th such field hearing, and we look forward to discussing how hardworking Americans and the strength of the American economy benefit from these permanent reforms in the tax code.

“The media love to claim that the President’s agenda creates chaos, but the truth is the exact opposite: President Trump just made pro-worker, pro-growth tax policy permanent in The One, Big, Beautiful Bill. 

“For working folks across this country, those who wait tables, labor on the factory floor, make payrolls, and harvest crops, The One, Big, Beautiful Bill makes a real difference in their lives.

“It means…

• At least a $600 tax cut for the average family beyond what they pay today.
• For tipped workers, a $1,300 tax cut; overtime hourly workers, $1,400; and seniors get $63 billion in tax relief.
• Nearly $11,000 more in take-home pay to cover the mortgage, fill up the grocery cart, and get away for a summer vacation; 
• New plants and factories opening up in local communities;  
• More “Open for Business” signs in Main Street storefronts; 
• Small towns dotted by productive and thriving family farms;
• And more of the necessities of everyday life, like medicine, produced here in America. 

“The alternative was unacceptable for workers and families. Had Congress failed to act, America would have seen the largest tax hike in our nation’s history. $4.5 trillion that would otherwise have gone toward new investments, equipment purchases, and pay raises, would have gone straight to Uncle Sam. Millions of jobs, including those from small businesses and manufacturing, would have been lost. America would have surrendered our competitive edge to nations like China.

“Instead, President Trump and Republicans in Congress passed the largest tax cut in American history. Because of that, the average American who gets up every Monday and goes to work has a better shot at providing a decent life for themselves and their family. 

“The R&D credit, immediate full expensing, interest deductibility, the 20 percent small business deduction and death tax exemption – are permanent for the first time. We are unleashing new incentives to build new factories and production facilities here in America. Manufacturers in America have never had more tax certainty than under Donald Trump. Pro-growth tax breaks will help American businesses invest and build here at home to beat our foreign competition abroad.

“Farmers and rural communities have more tax relief in this bill than at any other time. We drive new rounds of investment to truly rural areas with a return of Opportunity Zones while helping farmers secure more lower cost loans to expand their operations. 

“The One, Big, Beautiful Bill pairs permanent pro-growth tax policy with the largest mandatory spending cut in American history to improve our nation’s fiscal health. 

“The result will be more jobs and prosperity restored back to America. The One, Big, Beautiful Bill protects and creates 7 million jobs, including 1 million manufacturing jobs. Small businesses alone will create 1 million new jobs each year. Forcasts show economic growth will increase by more than a full percentage point each year for the next four years and actually drive down our deficits each year as a result of this bill. We can choose to mock those predictions, or realize that those same predictions after passage of the 2017 Trump tax cuts were much closer to what actually occurred than the numbers from internal Washington scorekeepers. 

“I’m so glad that we are joined today by some of the Americans who are the winners of The One, Big, Beautiful Bill: farmers, small businesses, and manufacturers. Thank you for taking the time away from your family and work to share how The One, Big, Beautiful Bill will improve your life, your employees’ lives, and your communities. 

“We also want to hear from all of you in the audience. There will be clipboards passed around during the hearing for you to share with the Committee how The One, Big, Beautiful Bill affects you. We want to hear your voice and your story as we implement President Trump’s pro-growth and pro-worker agenda. Those comments will be entered into the official record for this hearing.”