WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the U.S. House of Representatives passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026:

“President Trump has proven he can use tariffs effectively to leverage other nations in support of our national interest. The substantial bipartisan support for this bill shows that some Democrats also now recognize that President Trump’s trade agenda is working and can also further America’s interest toward global stability and peace. Today, the House paired additional tariff power with sweeping new sanctions to close off Russia’s ability to stay a step ahead of some existing sanctions. This bill forces any nation – including China – to choose between bankrolling the war against Ukraine and maintaining its current access to the U.S. market. It also closes the loopholes Russia’s shadow fleet and financial network have used to dodge accountability. As always, the Ways and Means Committee will continue to exercise oversight over these policies to ensure the new authorities are used as intended.”

Included within this legislation is the Supporting Early-childhood Educators’ Deductions Act, which was passed out of the Ways and Means Committee in March and approved by the full House in April to allow pre-K teachers and other childhood educators to deduct the same out-of-pocket expenses other elementary and secondary educators already enjoy:  

“Early childhood educators care deeply about the children they teach, and they often foot the bill in their classrooms to ensure their kids have all they need. This modest deduction will help ensure hard-working educators can continue providing a strong foundation for America’s children.” 

General Background: 

• The Ways and Means Committee holds jurisdiction over U.S. trade and tariff policy, including the tariff authority this bill grants to the Executive Branch. 
• The bill directs the President to impose tariffs of up to 500 percent on all Russian goods and directs the President to increase the rate of duty to a rate greater than zero and up to 100 percent on all goods from countries that knowingly purchase crude oil or natural gas that originated in Russia on or after the date of enactment and on countries that were among the five largest importers of those products from Russia during the most recent 12-month period.
• It also directs the President to increase the rate of duty to a rate greater than zero and up to 100 percent on all goods from countries that were among the top five countries facilitating Russian oil sanctions evasion during the most recent 12-month period.  
• Additional countries may be added to the list of countries subject to these secondary sanctions upon reevaluation by the U.S. Trade Representative every 180 days.
• It also sanctions Russian officials, oligarchs, financial institutions, and the shadow fleet used to evade existing restrictions, and extends the Iran Sanctions Act of 1996 through 2031. 

Background on the SEED Act: 

• The bill expands the Internal Revenue Code definition of “eligible educators” to include early childhood educators, including early childhood teachers, instructors, counselors, principals, and aides. 
• As a result of this change, individuals who teach or care for children ages 0 to 5 would be able to deduct out-of-pocket professional expenses – including expenditures for participation in professional development courses, and supplementary education materials used in the classroom, such as books, supplies, and equipment. 
• The deduction is available for up to $350 of expenses per year for taxpayers who take the standard deduction; additionally, taxpayers that itemize deductions may also deduct expenses above $350.