WASHINGTON, D.C. – House Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the May reading of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index:

“President Trump has successfully brought inflation down after four years of failed Democratic policies. There is still work to be done as everyday Americans still feel the pinch at the store thanks to the lingering effects of Bidenomics. Congress must deliver The One, Big, Beautiful Bill to give our economy the boost it needs and to put more money back in the pockets of hardworking Americans.

“The One, Big, Beautiful Bill stops a $1,700 tax hike and then delivers an average $1,300 tax cut straight to working Americans, and the economic growth it creates will increase take-home pay by up to $10,900 for a typical family of four. Americans need this relief and they need it now. President Trump and Congressional Republicans are committed to delivering on that promise and building an economy that works for the people who make it run. The One, Big, Beautiful Bill is the plan to get us there.”

FACT SHEET: The One, Big, Beautiful Bill Delivers Biggest Wins for the Working Class

READ: Working Families Get $1,300 Tax Cut From The One, Big, Beautiful Bill Passed by U.S. House

READ: Correcting the Record: The One, Big, Beautiful Bill Delivers Biggest Wins for the Working Class