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 June 2026:

“Republicans recognized that while inflation has slowed considerably from the 9 percent rate Democrats created during the Biden Administration, working families still faced affordability challenges. Which is why Republicans enacted the largest tax cuts in history that have kept more money in the pockets of working families – including the 7.5 million workers who benefited from No Tax on Tips, the 29 million workers who benefited from No Tax on Overtime, and the 35 million seniors who benefited from the enhanced Social Security deduction this tax season. Tax relief for workers coupled with pro-growth policies have delivered an economy where core inflation today is half what it was at this time during President Biden’s term. While Republicans delivered tax relief that gave 97 percent of tax filers a tax cut this year and ensured a family making less than $73,000 owed zero in federal income tax, Democrats voted to raise taxes on workers, families, farmers and small businesses. In fact, senior House Democrats have been suggesting that their policy goal is to repeal the Working Families Tax Cuts, which would result in nearly every American experiencing a tax increase. The same Democrats that increased prices over 20 percent when they controlled Washington voted against making a larger Child Tax Credit and standard deduction permanent – two policies that are particularly helpful to every day American families. Republicans will continue fighting to lower costs and keep more pay in workers’ pockets.”