Cape News

Ways and Means Committee Chairman Jason Smith issued a statement following the Federal Open Market Committee's decision to reduce the benchmark rate by 25 basis points. Smith emphasized the importance of President Trump's tax and trade agenda in creating economic certainty for American workers, families, farmers, and small businesses.

"President Trump’s tax and trade agenda are the policies we need to bring greater certainty to our economy and put America’s workers, families, farmers, and small businesses first," Smith stated. He criticized the Biden-Harris Administration for what he described as an inflation crisis that has resulted in record-high interest rates.

Smith warned of potential consequences if Congress does not act swiftly to extend Trump-era tax cuts. "If Congress doesn’t act quickly to extend the Trump tax cuts, the outcome will be catastrophic," he said. He noted that Americans could face significant tax hikes without these extensions.

The Ways and Means Tax Teams have been actively preparing for next year's legislative challenges related to taxes. According to Smith, they have conducted over 120 listening sessions across 20 states to gather feedback from Americans on how potential tax increases might affect them.

In his statement, Smith highlighted several economic issues under the current administration: prices have risen by 20.6 percent since President Biden took office; real wages have fallen by 3 percent; inflation has exceeded the Federal Reserve's target for 45 consecutive months; and mortgage costs have nearly doubled since January 2021.

Additionally, consumer credit debt has surpassed $1 trillion for six quarters in a row, with many Americans struggling with credit card payments. The average personal savings rate is lower than before President Biden took office, contributing to financial strain on families.

Smith expressed readiness to collaborate with President Trump on implementing policies aimed at providing relief to working families.