More on Taxes
Many parts of the economy in our great state of Nebraska are thriving. However, the new slate of tax increase proposals coming from the Biden Administration will undermine the success of Nebraska, and states like it, by removing capital from family farms and small businesses at a time when we need to be encouraging economic growth.
Washington, D.C. – Representatives Adrian Smith (R-NE) and Michelle Fischbach (R-MN) today led more than 130 of their House of Representatives colleagues in sending a letter to Speaker Nancy Pelosi and Republican Leader Kevin McCarthy opposing the Biden Administration’s proposal to repeal stepped-up basis from the tax code and require payment of capital gains taxes at death.
Read the full letter here.
This week President Biden delivered his first address to a joint session of Congress. He began by acknowledging the success of the COVID-19 vaccine development under the previous administration while touting its rollout under his own. Getting as many Americans as possible vaccinated is a key to reopening and rebuilding the economy across our country, and we should rightfully be proud of how quickly American ingenuity led to this lifesaving development.
Washington, DC – Congressman Adrian Smith (R-NE) took to the floor of the House of Representatives today to speak in opposition of the proposed budget reconciliation ahead of the vote on the American Rescue Plan Act of 2021. Smith voted against the American Rescue Plan Act of 2021.
Watch Congressman Smith’s floor speech here.
Remarks as prepared for delivery:
Mr. Speaker, I rise to oppose this package
Defeating COVID-19 includes reconnecting unemployed Americans. Before the pandemic, America’s economy was thriving. Workers at the bottom of the income ladder were seeing the largest wage gains in recent history. Two principle achievements from the last 25 years - the 2017 Tax Cuts and Jobs Act and the 1996 Welfare Reform Act - ensured Americans benefitted from hard work.
Washington, D.C. – Congressman Adrian Smith (R-NE) has been selected to continue as Ranking Republican on the House Ways and Means Committee’s Subcommittee on Select Revenue Measures for the 117th Congress. The subcommittee has jurisdiction over federal tax legislation and the Internal Revenue Code. Smith released the below statement after Rep. Kevin Brady (R-TX), the Republican Leader for the Ways and Means Committee, announced his leadership role.
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: