Taxes
Washington, DC – Congressman Adrian Smith (R-NE) spoke on the floor of the House of Representatives opposing Democrats' $1.7 trillion partisan social spending package, the Build Back Better Act. The bill passed the House 220-213 on a party line vote.
For months President Biden and Congressional Democrats have single-mindedly focused on pushing their tax and spending agenda across the finish line. While my Republican colleagues and I have made progress in keeping some truly terrible ideas, like repealing stepped-up basis, out of the package so far, our work against these proposals continues.
As Nebraskans know, I serve on the Ways and Means Committee in the House of Representatives. The Third District is both an economic powerhouse and one of the most rural districts in our country. I initially sought to join the committee to provide a voice for Nebraska on tax and trade issues which are critical to our rural communities.
Washington, D.C. – President Biden's crippling tax hikes on America's middle class and Main Street will reverse the gains from the Tax Cuts and Jobs Act, according to key witnesses at a Ways and Means Republican Meeting this week.
Over the next few days, Americans will travel far and wide to celebrate our nation's Independence Day on July 4th. As travel picks up for the national holiday, it reminds us of how vital functioning and efficient infrastructure is to our country. Whether you are hitting the highway for a road trip this weekend or staying local, infrastructure touches all of our lives.
The Biden Administration's tax proposals deserve to be scrutinized. Much of the focus, rightfully so, has been on their efforts to raise individual, capital gains, and corporate tax rates. There is also concern over other changes the administration wishes to make to the tax code, such as repealing stepped-up basis when a farm or small business is inherited to force families to pay more taxes.
Many parts of the economy in our great state of Nebraska are thriving. However, the new slate of tax increase proposals coming from the Biden Administration will undermine the success of Nebraska, and states like it, by removing capital from family farms and small businesses at a time when we need to be encouraging economic growth.
Washington, D.C. – Representatives Adrian Smith (R-NE) and Michelle Fischbach (R-MN) today led more than 130 of their House of Representatives colleagues in sending a letter to Speaker Nancy Pelosi and Republican Leader Kevin McCarthy opposing the Biden Administration's proposal to repeal stepped-up basis from the tax code and require payment of capital gains taxes at death.
This week President Biden delivered his first address to a joint session of Congress. He began by acknowledging the success of the COVID-19 vaccine development under the previous administration while touting its rollout under his own.