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Saturday, September 28, 2024

Ways & Means Committee reviews impacts of expiring Trump-era tax cuts

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Rep. Jason T. Smith, U.S. Representative for Missouri's 8th District | Congressman Jason Smith Official U.S. House headshot

Rep. Jason T. Smith, U.S. Representative for Missouri's 8th District | Congressman Jason Smith Official U.S. House headshot

Since April, the Ways and Means Committee Tax Teams have conducted over 100 events across 18 states. Their aim is to explore how Congress can extend the expiring provisions of President Donald J. Trump’s 2017 tax law and prevent the Biden-Harris Administration's proposed $7 trillion tax hike. They also seek to reform the tax code for American workers, manufacturers, small businesses, and farmers.

Rep. Ron Estes (KS-04), Chair of the U.S. Innovation Tax Team, led a delegation including full Committee Chairman Jason Smith (MO-08) and Innovation Tax Team Vice Chair Michelle Steel (CA-45) to Silicon Valley. They engaged with innovators, startups, technology companies, and other stakeholders to discuss how the Trump tax cuts spurred innovation in the United States and highlighted the need to protect intellectual property from foreign adversaries like China.

Rep. Darin LaHood (IL-16), Chairman of the American Workforce Tax Team, along with Rep. Mike Carey (OH-15), hosted a roundtable in Rockford, Illinois. The discussion focused on improving workforce hiring and retention through U.S. tax policy as well as child care and paid leave incentives. Participants also discussed education-related issues and how the expiration of key provisions from Trump's tax cuts would negatively impact Illinois families, workers, and small businesses.

Rep. David Schweikert (AZ-01), Chair of the New Economy Tax Team, was joined by Reps. Beth Van Duyne (TX-24) and Claudia Tenney (NY-24) for a briefing in Washington, D.C., with cryptocurrency industry stakeholders to address digital asset taxation while working to extend Trump's tax cuts.

The Rural America Tax Team chaired by Rep. Adrian Smith (NE-03) collaborated with Rep. Ron Estes’ U.S. Innovation Tax Team for a joint briefing with agriculture business leaders on Section 199A deduction's expiration impact on small businesses versus large corporations in agriculture.

Supply Chains Tax Team Chair Rep. Carol Miller (WV-01) along with Vice-Chair Rep. David Kustoff (TN-08) held a briefing at National Association of Manufacturers headquarters discussing expiring pro-growth tax provisions next year. Manufacturers shared insights on how lower taxes help them compete globally, create jobs, purchase new equipment, and contribute to their communities.

Photo by David Bohrer / National Assoc. of Manufacturers

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