Taxes
Washington, D.C. – Today, Reps. Adrian Smith (R-NE), John Larson (D-CT), Michelle Fischbach (R-MN), and Jimmy Panetta (D-CA) introduced the Rural Veterinary Workforce Act, legislation to help address the shortages in essential veterinary services facing rural communities.
The members released the following statements:
Businesses across our economy – both small businesses supporting communities across Nebraska and manufacturers making and selling products at home and abroad – thrive under a broad-based tax code that rewards hard work and American innovation. The 2017 Tax Cuts and Jobs Act (TCJA) helped raise wages, drive economic growth, and reduce the tax burden on Americans, while also increasing revenue. In fact, every major federal tax cut since the 1980s has led to increased federal revenue in the ensuing years.
Washington, D.C. – Rep. Adrian Smith (R-NE), Rep. Mike Thompson (D-CA), and Chairman Jason Smith (R-MO) released the following statements after H.R. 3801, the Employer Reporting Improvement Act, was advanced by the House Committee on Ways and Means on a 37-0 vote:
We have a debt ceiling for a reason. It is one of the federal government’s best pathways to address our nation’s very serious debt and deficit crisis. Our fiscal predicament demands we enact appropriate reforms to strengthen and grow our economy, cut wasteful spending, and reject massive tax increases.
Washington, D.C. – Rep. Adrian Smith (R-NE) released the following statement on the Fiscal Responsibility Act:
Washington, D.C. – Today, Reps. Adrian Smith (R-NE), Suzan DelBene (D-WA), Nicole Malliotakis (R-NY), and Judy Chu (D-CA) introduced a resolution calling for legislation to avoid double taxation between the U.S. and Taiwan. While the United States and Taiwan cannot enter a formal treaty addressing the tax treatment of international investment, similar tax treatment can be achieved through reciprocal legislation.
2023’s first quarter economic report showed a decline in the U.S. GDP growth rate to 1.1 percent, making clear the lasting impact severe inflation has had on our economy. The damage done by reckless and wasteful spending emphasizes the importance of fiscal responsibility and pro-growth policies. This is especially true as our nation’s debt crisis remains unresolved and we barrel toward reaching our debt ceiling.
Washington, D.C. – Today, Reps. Adrian Smith (R-NE), Joe Morelle (D-NY), Kevin Hern (R-OK), and Brad Schneider (D-IL) introduced bipartisan legislation to promote investments in America's manufacturing sector and other capital-intensive industries. The American Investment in Manufacturing Act would amend the U.S. tax code to increase the cap on deductible business interest to pre-2022 levels. This change will promote further domestic investment while helping address concerns about rising interest rates.
Americans everywhere are still struggling under record inflation. The March Consumer Price Index, a key inflation indicator, showed a five percent inflation rate, with overall food prices up 8.5 percent over March of last year. Since 2021, Americans’ wages have declined 3.7 percent, which partially explains why workforce participation rates are so low at 62.6 percent. This has a ripple effect across our economy, leaving hardworking families and small businesses in a difficult position.
Washington, D.C. – Today, Rep. Adrian Smith (R-NE) – a senior member of the Ways and Means Committee and Chairman of the Trade Subcommittee – released the following statement on the Department of Treasury’s release of their ten-year spending plan: