Taxes
More on Taxes
The Biden Administration's tax proposals deserve to be scrutinized. Much of the focus, rightfully so, has been on their efforts to raise individual, capital gains, and corporate tax rates. There is also concern over other changes the administration wishes to make to the tax code, such as repealing stepped-up basis when a farm or small business is inherited to force families to pay more 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.
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.
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.
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.
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.
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.