Small Business
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Washington, D.C. –Representatives 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 and Main Street (AIMM) 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.
The costly consequences of unnecessary, burdensome regulations represent one of the greatest threats to future American prosperity. In fact, a 2024 report produced by the Biden-Harris administration showed, in the year prior, the annual government-wide paperwork burden on Americans increased by 1.6 billion hours to more than 12.1 billion. This is the highest total on record. When paired with runaway inflationary spending, this overregulation was a recipe for stifling economic growth. In 2024 alone, unelected bureaucrats imposed regulations costing taxpayers more than $1.34 trillion.
A new year brings a valuable chance to reflect on the accomplishments of the previous year and prepare for the opportunities ahead in the next. This week, it was especially meaningful to have my two young children with me as I was sworn in to serve Nebraska’s Third District as a member of the House of Representatives in the 119th Congress. Today, I am more committed than ever to securing a prosperous future for the next generation of Americans, one built on the foundation laid by our Constitution and those who have fought to defend it.
Washington, D.C. – Today Rep. Adrian Smith (R-NE) and Rep. Nathaniel Moran (R-TX) introduced the Family and Small Business Taxpayer Protection Act. The bill would prevent the Internal Revenue Service (IRS) from using the balance of the Biden-Harris administration’s massive, $80 billion infusion of taxpayer dollars to increase audits on middle-class families while preserving funding for customer service and IT modernization at the IRS.
The members released the following statements:
The remarkable character of the people of the Third District was unmistakable as I traveled around Nebraska during August. From a 102-year-old in McCook, to whom I presented a Congressional Gold Medal as one of World War II’s “Rosie the Riveters,” to the sharp and eager high school student members of my Youth Advisory Council, we are blessed with passionate citizens dedicated to service.
According to a recent report by the Committee to Unleash Prosperity, regulations issued by the Biden-Harris Administration have cost the average American household a total of nearly $50,000. From its electric vehicle mandate—expected to increase the price of a new vehicle by more than $6,000—to restrictions on household appliances and energy production, this kind of burden on families is unsustainable.
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.
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:
Economic hardships brought about by severe inflation and supply chain challenges continue, creating an ongoing affordability crisis in our country. Small businesses and families across the nation have had to make difficult choices and dig into savings to make ends meet in recent years. Inflation hits hardest those who can least afford it: those on fixed and low incomes. Seniors struggling to stretch their savings have little recourse when prices go up but their earnings do not.
Over the last month, I’ve had the opportunity to meet with constituents in many of the Third District’s 80 counties. It has been a busy time with many hours spent behind the windshield, and I'm encouraged by the Nebraskans doing so much to help our communities thrive. From farmers and ranchers to entrepreneurs and small businesses to educators and families preparing the next generation, Nebraskans are working hard to support their families, serve their neighbors, and make our state a better place.