Cape News

Ways and Means Committee Chairman Jason Smith, alongside Representatives Darin LaHood and Ann Wagner, held a roundtable discussion in St. Louis, Missouri. The event focused on the potential impact of a proposed $7 trillion tax hike by the Biden-Harris Administration. Local business leaders and workers voiced concerns about the economic implications.

Chairman Smith stated, "It is abundantly clear that the tax hikes proposed by the Biden-Harris Administration would be devastating for the workers and job creators of the heartland and communities across this country." He emphasized that over 100 Tax Team events have been held across 19 states, revealing common challenges such as wages lagging behind inflation and difficulties faced by small businesses.

Representative Wagner highlighted the consequences of allowing the Trump Tax Cuts to expire, stating, "If the Trump tax cuts expire, the average taxpayer in Missouri’s 2nd District would have their taxes raised by 20%."

Rep. LaHood reflected on past successes attributed to these cuts: "The Trump Tax Cuts created the best economy of my lifetime for small businesses and workers of all backgrounds." He affirmed his commitment to working with Chairman Smith to promote pro-growth tax policies.

The roundtable was part of a broader effort by Ways and Means Committee Republicans to gather input from communities nationwide regarding key provisions of the 2017 Trump Tax Cuts set to expire next year. Attendees at this event included representatives from companies like Centene, Evernorth Health Services, Ameren, and Emerson.

Participants stressed maintaining Section 199A's small business deduction as crucial for enabling fair competition with larger corporations. Concerns were raised about potential tax rate increases if this provision expires under current plans.