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Smith on April CPI Report: Working Families Tax Cuts Are Delivering Relief Right Now While Fueling Economic Growth & Job Creation

May 12, 2026

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) report for April 2026:

“While inflation has come down substantially since the 21 percent spike in prices seen when Democrats controlled all of Washington, American families are still looking for additional relief, and that is why Republicans acted to deliver the largest tax cuts in American history. The Working Families Tax Cuts provided record refunds this tax filing season with hardworking Americans pocketing an average refund of nearly $3,300. A sizeable portion of that tax relief came from No Tax on Tips, No Tax on Overtime, an enhanced deduction for seniors on Social Security, and No Tax on Auto-Loan Interest – with over 40 percent of all tax filers using at least one of those to reduce or in many cases eliminate their tax burden.

“The benefits of Republican-enacted tax relief, however, do not end with a tax refund. As we saw with the most recent jobs report and economic growth projections coming in stronger than predicted, America’s Main Street businesses are creating new jobs and increasing paychecks thanks to the long-term certainty they were provided with permanent tax cuts. The Working Families Tax Cuts will continue to deliver relief directly to Americans while putting the nation on a path to greater prosperity and opportunity. Additionally, if Kevin Warsh is confirmed this week as the new Chair of the Federal Reserve, we will finally have a leader over monetary policy who understands that high interest rates have held back the true economic potential of our country.”

Key Facts:

  • Largest Tax Refunds in History: Thanks to the Working Families Tax Cuts, taxpayers received the largest tax refunds ever with an average refund of nearly $3,300, marking an over 11 percent increase in average individual refunds from the year prior.
  • GDP Higher Than Expected: GDP grew at an annualized rate of2 percent in the first quarter of 2026, with total real GDP beating CBO’s projection.
  • Private Sector Creates Jobs, Not Government: Under President Trump, the private sector is growing and creating jobs while the government is shrinking.