Cape News

Ways and Means Committee Chairman Jason Smith has expressed concerns over the current state of the U.S. economy following a recent jobs report from the Bureau of Labor Statistics. The report revealed that 143,000 new jobs were created, but it also included significant downward revisions to previous data.

Smith criticized the economic performance under President Biden, stating: “It turns out that the Biden economy was worse than anyone thought. This jobs report shows the biggest downward revision since 2009 and between 2023 and early 2024, the U.S. added 598,000 fewer payrolls than originally reported.” He emphasized that Republicans are now working to rectify what he described as "Democrats’ mess."

Smith highlighted actions taken by Republicans under President Trump’s leadership, claiming they have been more effective in aiding Americans than policies during Biden's presidency. He urged for swift legislative action to extend Trump-era tax cuts permanently: “We must take action quickly in one, big beautiful bill to create jobs that support families and ignite the second Trump economic boom. Failure is not an option.”

The potential expiration of these tax cuts could have substantial impacts on small businesses and families across America. Smith warned of a possible increase in taxes if Congress does not act to maintain these policies.

According to Smith's statement, extending these tax cuts could lead to considerable economic benefits including creating one million new jobs through a permanent small business deduction and generating $150 billion in economic growth.

Failure to extend key provisions could result in negative outcomes such as six million job losses and an average taxpayer facing a 22 percent tax hike. Additionally, family-owned farms may see their Death Tax Exemption significantly reduced.