“President Trump’s entire agenda will bring back prosperity to the working class, farmers, and small businesses.”

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 for March 2025, showing core inflation falling to the lowest level in four years:

“President Trump’s pro-American energy agenda is already paying dividends as lower energy and gas prices helped slow down Bidenflation last month. The nearly $7 trillion in new commitments for investment in America since Inauguration Day will make our economy more productive and boost wages and job creation. President Trump’s entire agenda will bring back prosperity to the working class, farmers, and small businesses. The Administration’s trade policies will level the playing field and revive manufacturing and production in America and create jobs that allow workers to support themselves and their families. Passing tax relief will spark more investment and stop the largest tax hike in American history. Congress must work with the Trump Administration to enact an America First agenda to restore American economic strength and leadership.”

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. 
• $100 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.