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
The 119th Congress held its first policy hearing, focusing on the necessity of making the Trump tax cuts permanent. The session featured testimonies from American citizens, including a mother, a manufacturer, and a small business owner, who discussed the impact of the 2017 tax cuts on their lives and businesses.
Chairman Jason Smith emphasized the importance of extending these tax cuts to maintain economic stability. He stated, "If we want to continue President Trump’s legacy of a strong economy, Congress must act swiftly to make the tax cuts permanent."
During the hearing, concerns were raised about potential repercussions if these tax provisions expire. For instance, small businesses could face increased taxes with a top rate of 43.4%, higher than that in China. Michelle Gallagher, a Certified Public Accountant, expressed concern over this uncertainty: "My phone has been ringing off the hook since last August with...the uncertainty of where this tax change may go."
Manufacturers also called for predictable policies to ensure growth within their industry. Courtney Silver from North Carolina urged Congress for consistent pro-growth policies: "We need pro-growth tax policies that are permanent...to help us be able to grow."
Another critical issue was the potential expiration's effect on research and development (R&D) expensing. Silver highlighted how her business and others have suffered due to reduced R&D expensing benefits.
Family-owned farms and small businesses could also be affected by changes in estate taxes. Silver shared personal insights into how such taxes might impact her business's continuity after her husband's passing.
The Child Tax Credit was another focal point during discussions. Margaret Marple testified about its significance for her family: "As a stay-at-home mom...the Child Tax Credit is a powerful form of communication...that my job raising kids is important."
Overall, participants underscored that failing to extend these cuts would negatively affect millions of families and businesses across America.
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