Taxes
Washington, D.C. – Today, Rep. Adrian Smith (R-NE) and Rep. Chuck Edwards (R-NC) introduced the IRS Overreach Prevention Act. The legislation would prohibit the IRS from continuing or developing a successor to its in-house Direct File pilot program.
The members released the following statements:
Washington, D.C. – Today, Rep. Adrian Smith (R-NE), along with Ways and Means Committee Chairman Jason Smith (R-MO), led their Ways and Means Committee Republican colleagues in sending a letter to the Commissioner of the Internal Revenue Service Daniel Werfel. In the letter, the members raised concerns about expansion of the IRS' Direct File program and asked Commissioner Werfel to respond to questions regarding statutory authority and the origin of funds allocated for development and advertisement of the program.
Key excerpts:
In June 2023, the U.S. Supreme Court ruled President Biden did not have the constitutional authority to mass transfer up to $400 billion in student loan debt from borrowers to American taxpayers. Rather than properly acknowledge the ruling of the court, earlier this year, the president unveiled a new student loan forgiveness plan, again handing the bill to hardworking Americans. Biden’s new plan already faces similar legal challenges on which the Supreme Court will likely again weigh in.
Washington, D.C. – Rep. Congressman Adrian Smith, a senior member of the House Committee on Ways and Means released the following statement after the Internal Revenue Service announced the expansion of its Direct File program for 2025.
This week, as I visited a number of Third District communities, several major economic indicators were published, confirming what we already know: President Biden’s inflation hasn’t ended, and a radical change of direction in Washington’s fiscal policy is needed to remedy an ailing economy.
Today, Rep. Adrian Smith (R-NE), released the following statement after the Ways and Means Committee announced he will chair a team focused on promoting legislative solutions to protect rural Americans impacted by Tax Cuts and Jobs Act provisions set to expire in 2025:
As the 2024 tax deadline nears, Americans are well aware of the outsized impact the Internal Revenue Service can have on their time, attention, and pocketbooks. From supersized agency funding to new reporting requirements on Venmo and PayPal transactions which amount to a “Babysitter Tax” to expanding IRS efforts to take over Americans’ tax preparation and tell them what they owe, the Biden administration’s IRS has continued to expand its intrusion into the daily lives of American families.
The United States’ constitutional foundation of freedom and opportunity laid the pathway for our nation to become the most prosperous on the planet. Defending the right of each citizen to pursue prosperity while limiting the government’s intrusion into our livelihoods and pocketbooks is a proven road to improved standards of living for American households of all income levels.
Americans are rightfully concerned about the direction of our economy. While inflation is no longer at nine percent, prices remain high, and the inflation rate remains double where it was when President Biden took office. According to Consumer Price Index analysis by the Joint Economic Committee, American families are facing an average of $11,400 more in annual expenses compared to prices when Joe Biden took office.
Washington, D.C. – Today, Reps. Adrian Smith (R-NE), Danny K. Davis (D-IL), and Randy Feenstra (R-IA) introduced the bipartisan Small Business Dependent Care FSA Opportunity Act. This legislation would create a new tax credit for small businesses with up to 100 employees for the start-up costs of offering Dependent Care Flexible Spending Accounts (DCFSA) as an employee benefit.
The members released the following statements: