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Wednesday, December 18, 2024

Republicans emphasize impact of Trump-era tax cuts on small businesses

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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

In a recently released video, the Ways and Means Republicans emphasized the significance of the 2017 Trump tax cuts for American small businesses. They argued that these tax cuts played a crucial role in fostering economic growth and recovery that benefited workers and small enterprises. The committee members warned of potential negative impacts if the expiring provisions, valued at approximately $4.6 trillion, are not extended next year.

Ways and Means Chairman Jason Smith (MO-08) highlighted efforts to build on the success of these tax cuts. Together with Tax Subcommittee Chair Mike Kelly (PA-16), they established ten tax teams earlier this year. These teams were tasked with analyzing key tax policies that Congress needs to address to maximize relief for American families, farmers, workers, and small businesses amidst what they describe as an inflation crisis under the Biden-Harris Administration.

"We saw the incredible success the 2017 Trump tax cuts brought to our economy: higher wages, record-low unemployment, and immense growth that benefitted working families," stated Chairman Jason Smith (MO-08). He added that over the past year, Ways and Means tax teams conducted more than 120 events across 20 states to gather input from Americans who would be impacted by potential changes in these tax provisions.

Smith also noted their focus on replicating the success of the previous tax cuts while working with President Trump to provide relief amid current economic challenges: "They want Congress to work with President Trump to deliver relief from the past four years of crushing inflation. Our members are laser-focused on identifying ways we can replicate the success of the 2017 Trump tax cuts and work with President Trump to deliver once again for farmers, families, workers, and small businesses."

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