Tax Reform Signed Into Law

GREAT NEWS: President Trump has signed tax reform into law, and Americans can look forward to higher paychecks, simpler compliance, and a growing economy.

In my role on the Ways and Means Committee, it has been a privilege to be part of this years-long effort to overhaul our broken and overly burdensome tax code for the first time in a generation. Throughout the negotiations, I fought to ensure tax reform would be beneficial for Nebraska agriculture and small businesses. I am pleased we were able to take this crucial step for the future of our country.

Check out these resources to learn more about the process of getting this bill to President Trump's desk and how tax reform will benefit you and your family.

Final conference report
Joint explanatory statement

Columns
December 21, 2017: Merry Christmas and a Happy New Tax Code
December 15, 2017: Good News for the Economy
November 24, 2017: Tax Reform Benefits Agriculture
November 9, 2017: Tax Reform Moves Forward
October 20, 2017: Reminders of Reagan on Tax Reform
October 6, 2017: Budget Passage Paves the Way for Tax Reform
September 29, 2017: Focusing on the Future
May 19, 2017: We Cannot Afford to Wait on Tax Reform

Press releases
December 19, 2017: Smith Votes to Send Tax Reform to President's Desk
November 16, 2017: Smith Praises House Passage of Tax Reform
November 15, 2017: VIDEO: Smith: “The Time for Tax Reform is Now.”
November 9, 2017: Smith on Tax Reform Bill Passing Committee
November 2, 2017: Smith Praises Introduction of Tax Reform Bill
September 27, 2017: Smith on Introduction of Tax Reform Framework

Videos

September 28, 2017: Smith Discusses "Simpler, Fairer Tax Code" on Fox News

October 6, 2017: Smith on Urgency of Tax Reform

November 6, 2017: We Owe the American People Better Tax Policy

November 8, 2017: Smith Gives Tax Reform Update on Cavuto

November 15, 2017: Smith: "The time for tax reform is now."

December 5, 2017: Smith Discusses Tax Reform Conference Committee on Fox Business

December 19, 2017: Smith on How Tax Reform Benefits Agriculture

Nebraska Farm Bureau
"This legislation addresses numerous tax related issues of interest to Nebraska farm and ranch families. Lower rates for pass-through businesses, the ability to continue to deduct normal and customary business expenses, expansion of Sect. 179 business expensing, as well as unlimited immediate expensing, were needed. Equally important is that fact that farmers and ranchers will continue to be able to fully deduct property taxes on agricultural land as a business expense.

"Furthermore, we appreciate the inclusion of provisions that help farmers and ranchers manage their cash flow and tax liabilities, such as the continuation of cash accounting and like-kind exchanges for buildings and land.

"While we would prefer immediate repeal of the estate tax, the legislation doubles the estate tax exemption indexed for inflation, and continues the allowance for spousal transfer. These measures are a positive and immediate step that will ease the estate tax burden on farm and ranch families."

Full release here.
More from Nebraska Farm Bureau: What Farmers and Ranchers Need to Know About the New Tax Bill

Nebraska Chamber
"Congress and the administration have just made history. Coupled with the regulatory reform that has been implemented over the past 11 months, this tax relief bill makes America one of the most competitive places in the world to do business – and Nebraskans will benefit. A rising tide lifts all boats.

"The State Chamber thanks all five members of Nebraska’s federal delegation for their support of this long overdue tax relief and pro-growth stimulus. Special thanks to Congressman Adrian Smith for his work on the Ways and Means Committee – addressing key provisions such as continued deductibility of property taxes for businesses and agriculture – as well as Senator Deb Fischer for her role with the majority leader’s team to help secure the bill’s passage.

"This is the first major tax relief at the federal level in three decades. It will produce national economic growth and individual prosperity. This plan will not only spur businesses to grow and hire, it will allow more take-home pay for hard-working Nebraskans.

Full release here.

National Association of Manufacturers
"President Trump and Congress have delivered on their promise to pass tax reform that will empower manufacturers to create jobs, improve the quality of life and build more in America. Now manufacturers will deliver. Throughout this debate, we said we will hire more workers, create more well-paying jobs, invest more in America and raise wages. We’ve been given license to compete more fiercely in the global economy, and we are going to ensure that we lift up more working families.

"We had the highest corporate tax rate in the industrialized world. That was unacceptable, and there was nothing competitive about that. Now we have a real shot for more investment coming into America. By providing relief to small businesses especially, Congress has strengthened the heart of the modern manufacturing economy.

"...Tax reform was a core component of manufacturers’ agenda, which still includes regulatory reform, infrastructure investment, expanded trade and more. But with tax reform, history has been made, and as a result, the future of manufacturing and manufacturing workers in America is even brighter."

Full release here.

National Federation of Indpendent Business (NFIB)
"...The Tax Cuts and Jobs Act dramatically improves the way small businesses are treated, delivering hundreds of billions of dollars in tax cuts.

"Small business optimism has been near record highs all year long in anticipation of this moment. Starting in 2018, millions of small businesses will have substantially more money to convert their optimism into investments. They can buy new equipment, increase inventory, pay workers more, create new jobs, and engage in the economic activities that drive the U.S. economy.

"The Tax Cuts and Jobs Act is a once-in-a-generation achievement. This is a historic day for small business and the country. We are grateful to President Trump for his leadership on this issue, which started even before he took office. Today he fulfilled his promise to cut taxes for American small businesses.”

Full release here.

Open Letter to Congress by 100+ Economists
"Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people. If, however, the bill fails, the United States risks continued economic underperformance.

"In today's globalized economy, capital is mobile in its pursuit of lower tax jurisdictions. Yet, in that worldwide race for job-creating investment, America is not economically competitive.

"Here's why: Left virtually untouched for the last 31 years, our chart-topping corporate tax rate is the highest in the industrialized world and a full fifteen percentage points above the OECD average. As a result of forfeiting our competitive edge, we forfeited 4,700 companies from 2004 to 2016 to cheaper shores abroad. As a result of sitting idly by while the rest of the world took steps to lower their corporate rates, we lowered our own workers' wages by thousands of dollars a year.

"Our colleagues from across the ideological spectrum – regardless of whether they ultimately support or oppose the current plan – recognize the record-setting rate at which the United States taxes job-creating businesses is, either significantly or entirely, a burden borne by the workers they employ. The question isn't whether American workers are hurt by our country's corporate tax rate – it's how badly. As such, the question isn't whether workers will be helped by a corporate tax rate reduction – it's how much.

"The enactment of a comprehensive overhaul – complete with a lower corporate tax rate – will ignite our economy with levels of growth not seen in generations."

Full letter here.

Letter to Congress from More Than 40 Conservative and Tax Policy Organizations
"Across the nation, in the face of stagnant wages and sluggish economic growth, middle-class families and job creators demand a simpler, fairer tax code that promotes job creation, investment, higher take-home pay, and a path to prosperity. Now, after decades weighed down by a broken U.S. tax code, momentum has created new cause for optimism.

"Earlier this month, the House of Representatives took a historic step to answer this call, passing the first major overhaul of our tax code in more than thirty years, the Tax Cuts and Jobs Act.

"This legislation and its Senate counterpart provide significant middle-class tax relief, putting an extra $1,182 into the pockets of the average family of four. With a pro-growth, competitive tax code, workers will be able to bring home larger paychecks, keep more of what they earn, and invest in brighter futures for themselves and their children. Congress owes it to America’s middle-class families to make tax reform a reality in 2017. The need is urgent, and we cannot afford to delay.

"Come January 1, we must not have allowed another year to pass without the tax reform our nation needs. We urge you to keep working to pass the Tax Cuts and Jobs Act this year, and call on Congress to remain in session for as long as it takes to get the job done. Stay focused, stay the course, and rise to meet this moment. The American people expect results, and we are committed to working with you to deliver on the promise of pro-growth tax reform in 2017."

Full letter here.