More on Taxes
The State of the Union is a time-honored tradition, envisioned by our Founders in the Constitution, which provides an opportunity to review the past year and hear the President’s ideas to make America even better in the next one. The State of the Union was traditionally given to Congress in writing only until 1913, when President Woodrow Wilson started the tradition of giving a speech to Congress. Regardless of who is President, it is important for Congress, and our country, to hear directly from the leader of our nation.
When we enacted tax reform in 2017, through the Tax Cuts and Jobs Act, we had two goals – simplify compliance and reduce the tax burden on as many Americans as possible. Despite – or I would argue because of – these rate reductions, a strong economy means U.S. federal tax revenue continues to come in at record levels. The federal government does not have a revenue problem. It has a spending problem.
As we begin a new year, I find it useful reflect on past successes while building plans for the future. In 2019, we faced many challenges, but we also found several solutions to which will benefit Nebraska families, farmers, ranchers, and small businesses.
Washington, D.C. – Congressman Adrian Smith (R-NE), Ranking Republican on the Ways and Means Subcommittee on Select Revenue, released the following statement regarding House passage of year-end tax legislation:
There is much work to be done in Washington. A massive trade deal is pending with the United States-Mexico-Canada Agreement (USMCA), prescription drug prices and health care costs continue to rise, and our southern border needs additional resources. In addition, to provide certainty for taxpayers – families, farmers, ranchers, and businesses small and large – we need to address the future of a number of expired and expiring tax provisions, fix certain technical issues with the tax code, and complete our work on some new proposals to help Americans save for retirement.
Federal revenue continued at near-record highs in 2018, at $3.33 trillion. Unfortunately, this amount was not enough to cover the $4.2 trillion in spending last year, further exacerbating our $22 trillion in national debt. As President Ronald Reagan said, “The problem is not that the people are taxed too little. The problem is that government spends too much.”
As Nebraskans recover from the historic storms, I have worked with my colleagues and the Administration to ensure our state has the proper federal resources available so hard-working, dedicated Nebraskans can fully recover and rebuild what was lost in these tragic events. Our entire Nebraska congressional delegation is united in this effort.
WASHINGTON, D.C. – U.S. Reps. Adrian Smith (NE-03) and Terri Sewell (AL-07) have introduced the Revitalizing Underdeveloped Rural Areas and Lands (RURAL) Act, bipartisan legislation which would help preserve jobs and encourage infrastructure development by ensuring tax-exempt electric cooperative organizations’ continued access to government grants and assistance, including rural broadband grants and FEMA disaster relief.
WASHINGTON, D.C. – The Nebraska congressional delegation has introduced legislation to provide tax relief for Nebraskans impacted by the severe 2019 storms and flooding. The bill, known as the Disaster Tax Relief Act of 2019, would deliver tax relief to areas that received a federal disaster declaration between January 1, 2019 and April 15, 2019.