WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the release of the April reading of the Personal Consumption Expenditure (PCE) price index, showing core inflation rose 3.3 percent, and Q1 2026 gross domestic product (GDP) reading, showing GDP increased 1.6 percent on an annualized basis:

“Americans today have more money in their pockets from historic tax refunds and bigger paychecks thanks to the Working Families Tax Cuts. Working moms, farmers, and small businesses – not billionaires – were the main beneficiaries of Republican policies like No Tax on Tips, No Tax on Overtime, No Tax on Social Security, and an expanded Child Tax Credit and Standard Deduction. More than 60 million taxpayers who claimed at least one of these new working-class provisions are experiencing the benefits of Republican pro-worker tax relief.

“At our committee hearing last week, Republicans brought in everyday Americans to share their testimony about how tax relief has made it easier to put food on the table, clothes on their backs and gasoline in their cars. The Democrats’ witness called on Congress to increase taxes. The difference in policies couldn’t be more clear: Republicans trust American families to make the right decisions for themselves, while Democrats want to fund an ever-expanding bureaucracy with higher taxes.”