Cape News

In a recent video release, Ways and Means Republicans have highlighted the impact of the 2017 Trump tax cuts on American competitiveness. According to committee members, failing to extend these tax relief measures could result in small business tax rates exceeding those in China, potentially affecting the ability of workers and employers to compete globally.

Ways and Means Chairman Jason Smith (MO-08) and Tax Subcommittee Chair Mike Kelly (PA-16) have initiated ten tax teams earlier this year. Their goal is to examine key tax policies that Congress needs to address for maximizing relief for American families, farmers, workers, and small businesses amidst what they describe as the Biden-Harris Administration’s cost of living crisis.

Chairman Jason Smith emphasized the need for immediate action: “To get the economy back on track, we need to immediately give small businesses and workers the tools to build, hire, and outcompete the rest of the world. That starts with giving them the certainty earlier next year of what their taxes will look like in 2026 so that they can plan and invest."

Smith further noted that "The Trump tax cuts created a successful blueprint that showed we can deliver relief, increase revenues, and help America stay competitive. Now it is up to Congress to act swiftly, build on the successful blueprint President Trump gave us, extend these key provisions without delay, and restore American prosperity.”

The video serves as a call for legislative action aimed at maintaining economic growth through extended tax policies.