More on Taxes
This week, the House of Representatives passed a number of bills aimed at reforming the Internal Revenue Service (IRS) and updating its antiquated systems and policies. These nine bills are the result of dozens of hearings, roundtables, briefings, and meetings conducted by the Ways and Means Committee, of which I am a member. For too long, the IRS has been plagued by inefficiency, poor customer service, and an utter lack of transparency.
Washington, D.C. – Congressman Adrian Smith (R-NE), a senior member of the Committee on Ways and Means, released the following statement after House passage of H.R. 5444, the Taxpayer First Act, and H.R. 5445, the 21st Century IRS Act.
This week, the House of Representatives considered H.J.Res. 2 to amend the U.S. Constitution to require a balanced federal budget. This would be an important first step toward rectifying our financial situation because we have a long road ahead if we intend to pay back the more than $21 trillion in debt we currently owe.
Everyone agrees agriculture is important to Nebraska and vital to the U.S. economy. This is why the tax code – and any efforts to reform it – should treat businesses and individuals engaged in farming and ranching to the same benefits as other business sectors across the country. For this reason, when we were working to draft tax reform in the Ways and Means Committee I fought for provisions important to agriculture such as keeping full property tax deductibility for agricultural land as a business expense.