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Chairman Smith: Bipartisan Approach to Tax Package “Shows President Trump was Right”

February 3, 2024 — Press Releases   

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) joined Fox Business host, Maria Bartiromo, on Thursday following passage of the Tax Relief for American Families and Workers Act. During the interview, Chairman Smith applauded the overwhelming support the bill received in the House of Representatives, where it passed by a vote of 357-70, as well as the positive impact the legislation will have on the U.S. economy, small businesses, and working families.

Click here or on the image above to watch the full interview.

Interview excerpt:

“But the important part of this bill is it maintained work requirements, it prevented monthly checks, it made sure that there was not a penalty for families who have multiple children. And then it created some huge, huge tax provisions that helped businesses, that will increase jobs. For example, research and development will support 21 million jobs and will bring in $70 billion worth of investment. The 100% expensing provision will create more than $400 billion in investment and 73,000 jobs, and the interest deductibility provision will bring in 867,000 jobs and $58 billion in take home wages. These were all provisions of Trump’s tax cuts that have expired. We now have a huge bipartisan approach showing that Trump was right in those tax cuts.”

Continuing 2017 Trump Tax Reform’s Record of Success

The Tax Relief for American Families and Workers Act locks in $600 billion of tax incentives from the 2017 Trump tax reforms with a record of creating jobs, raising wages, and investing in America:

  • Research and Development (R&D) investment incentives will…
    • Create over $70 billion in new R&D investment in the United States.
    • Support 2 million direct R&D jobs and over 21 million total jobs – particularly in U.S. manufacturing.
  • Interest Deductibility will…
    • Create 867,000 new jobs.
    • Generate $58 billion in additional take-home pay for American workers.
  • 100% Immediate Expensing will…
    • Increase investment by $400 billion.
    • Create 73,000 new jobs.

READ: PASSED: House Approves Tax Deal to Deliver Relief for Working Families and Small Businesses, and Help America Compete with China