WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Bureau of Labor Statistics released the jobs report, showing the economy created 151,000 new jobs:

“Under Joe Biden, out-of-control government spending and a bloated federal bureaucracy drove job creation. Under President Trump, job creators are back in the driver’s seat, already committing over $1.6 trillion in new investment in the past month alone to create new, good-paying jobs, grow our economy, and make things in America again. Last month, wages rose faster than prices, helping undo the 3.2 percent decline in real wages workers suffered under the last administration. More work still needs to be done to help families struggling with high prices. It’s time for Congress to deliver on President Trump’s economic priorities and give entrepreneurs, farmers, and workers certainty that their taxes will not increase at the end of this year. Failure is not an option. House Republicans successfully kick-started the process to deliver one, big, beautiful bill to the president’s desk as quickly as possible. The Ways and Means Committee is continuing the momentum to ensure small businesses get the help they need to create good-paying jobs in America.”

Extending the Trump Tax Cuts
Long-term 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.