“The best way to help working families is to permanently extend the Trump tax cuts and deliver on the tax relief the American people elected President Trump to enact.”

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

“This last inflation report covering the end of the Biden-Harris Administration shows they failed to lower prices and left behind an inflation mess that President Trump is cleaning up. From the start, President Trump has taken strong and necessary actions to lower the cost of energy powering our economy and support American workers and manufacturers. 

“There is more that needs to be done. Paychecks are still worth less compared to four years ago and small businesses are struggling. The best way to help working families is to permanently extend the Trump tax cuts and deliver on the tax relief the American people elected President Trump to enact. We cannot allow taxes to go up for every single American. We cannot waste the mandate the American people gave to us to restore confidence in our economy and provide real relief. Today, small businesses are holding back on investing in new facilities and hiring new workers because they don’t have the confidence that their top tax rate won’t go up to 43.4 percent. One, big beautiful tax reform bill is the way.”

Extending the Trump Tax Cuts
Permanent extension of the 2017 Trump tax cuts will fuel significant economic growth and prosperity. 

• 1 million new jobs created by small businesses if the 20 percent small business deduction is made permanent. 
• $150 billion in economic growth from permanent extension of the 20 percent small business deduction. 
• $284 billion of new economic growth from American manufacturers. 
• $50 billion in new investment in Opportunity Zones, which represent the poorest neighborhoods and communities in the country. 

Key Policies from the Trump Tax Cuts Set to Expire if Congress Fails to Act:

• 6 million jobs will be lost if the tax cuts are not extended.
• The average taxpayer would see a 22 percent tax hike if the Trump tax cuts expire.
• A family of four making $80,610, the median income in the United States, would see a $1,695 tax increase if the Trump tax cuts expire.
  • This is worth about 9 weeks of groceries to a typical family of four across the country.
• 40 million families would see their household’s Child Tax Credit cut in half.
• 91 percent of all taxpayers would see their guaranteed deduction slashed in half. 
• 26 million small businesses would be hit with a 43.4 percent top tax rate if the Section 199A Small Business Deduction expires.
• 7 million taxpayers would be impacted by the return of the Alternative Minimum Tax.
• 2 million family-owned farms would have their Death Tax Exemption slashed in half next year.