Rep. Adrian Smith (R-NE), top Republican on the Ways and Means Select Revenue Measure Subcommittee, reiterated during the full committee hearing that while Republican Tax Reform delivered results for working families, Democrats want to unwind these benefits to pay for their welfare-without-work spending schemes on the backs of American workers and Main Street businesses.
Rep. Smith said:
“The refundable credit will continue to pay Americans to stay home at a time when employers nationwide desperate to hire and are offering good pay and good benefits because they need workers.
“We doubled the Child Tax Credit in the Tax Cuts and Jobs Act, and we did it the right way, to ensure it rewarded the working Americans who needed that help the most.
“The tax code should reward work, particularly for lower- and middle-income Americans. Let’s work together to make that happen.”
CLICK HERE to watch Rep. Smith’s remarks.
CLICK HERE to watch the full hearing
It’s Time to Stop Democrats’ Emergency Spending and Get America Back to Work.
- As President Biden and Democrats try to push through another multi-trillion-dollar spending bill paid for on the backs of working families and small businesses, Americans have already received unprecedented government relief from Congress.
- Democrats’ runaway spending is shrinking the paychecks of America’s working families with surging inflation and consumer prices increasing the most in 13 years.
Republicans Have a Record for Delivering Results for Working Families.
- Republican tax reform helped strengthen families’ financial security and encouraged work by doubling the Child Tax Credit and securing the Family and Medical Leave Tax Credit.
- Democrats have turned the Child Tax Credit into Welfare Without Work, which if they make permanent will harm families, risk the loss of billions of taxpayer dollars in waste and fraud, and cost American jobs.
Rep. Smith’s opening remarks as prepared for delivery appear below.
Mr. Chairman, I move to strike the last word.
I’d like to associate myself with all the concerns raised by Mr. Brady in his opening remarks.
I would like to focus a little more in depth on the Subtitles H and I, and how they double down on failed policies of the past, when we should be refocusing on policies which have been proven to grow our economy and get Americans back to work.
None of our concerns about the majority’s Child Tax Credit expansion have changed since they enacted it just a few months ago.
It still diverts IRS resources to sending monthly benefit checks when the agency has a massive backlog and is failing to meet the customer service needs of taxpayers.
And the refundable credit will continue to pay Americans to stay home at a time when employers nationwide desperate to hire and are offering good pay and good benefits because they need workers.
We doubled the Child Tax Credit in the Tax Cuts and Jobs Act, and we did it the right way, to ensure it rewarded the working Americans who needed that help the most.
We agree the tax code should reward work, particularly for lower- and middle-income Americans. Let’s work together to make that happen.
In Subtitle I (eye) the majority attempts to comprehensively unwind everything that worked about TCJA to pay for its new spending schemes, when we should be focusing on how our economy benefited.
As a reminder, the Tax Cuts and Jobs Act maximized revenue, maximized growth, and ensured fairness in our tax code.
- Tax revenue has increased every year since we enacted TCJA.
- Under TCJA, the top 1% over earners pays more than 40% of all income taxes; the top 10% pays more than 70%
- Economic growth was at 3% even after several years of a strong economy.
- Wage growth has been strongest for lower- and middle-income Americans.
- There have been zero corporate inversions since it was signed into law.
- For the first time we required companies with profits parked overseas to bring those dollars home and pay tax on them.
Now, the majorities’ proposals to raise our corporate tax rate higher than China’s, expand of base erosion provisions to punitive levels, and tax foreign profits in a way no other major economy does threaten to undermine all those successes.
This is the wrong bill at the wrong time.
I yield back.