Cape News

Ways and Means Committee Chairman Jason Smith delivered an opening statement at a hearing at the Ronald Reagan Presidential Library in Simi Valley, California. The hearing focused on how "The One, Big, Beautiful Bill" offers permanent tax relief to farmers, small businesses, and manufacturers.

Smith began by expressing gratitude to the Young America’s Foundation and the Ronald Reagan Presidential Foundation and Institute for hosting the event. He highlighted former President Donald Trump's promise of tax reduction made ten years ago at the same venue.

"The Ways and Means Committee played a crucial role in developing this legislation," said Smith. He emphasized that the bill was shaped through input from working Americans during field hearings.

According to Smith, "The One, Big, Beautiful Bill" provides significant tax cuts for various groups: "At least a $600 tax cut for the average family beyond what they pay today." Additionally, tipped workers could see a $1,300 cut; overtime hourly workers might receive $1,400; seniors are expected to gain $63 billion in relief.

Smith argued that failing to pass such legislation would have resulted in massive tax hikes: "$4.5 trillion that would otherwise have gone toward new investments...would have gone straight to Uncle Sam."

He stated that with these reforms now permanent under Trump's administration, American businesses face fewer uncertainties: "Manufacturers in America have never had more tax certainty than under Donald Trump."

Farmers also benefit significantly from this bill. "We drive new rounds of investment to truly rural areas," Smith added. The legislation pairs pro-growth policies with major spending cuts aimed at improving fiscal health.

In closing remarks addressed directly towards attendees representing sectors benefiting from this initiative—farmers among them—he encouraged audience participation: “There will be clipboards passed around during the hearing...Those comments will be entered into official record.”