Taxes
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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.
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:
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.