Rep. Adrian Smith (R-NE), released the following statement after the Ways and Means Committee announced he will chair a team focused on promoting legislative solutions to protect rural Americans impacted by Tax Cuts and Jobs Act provisions set to expire in 2025:
“Contrary to the short-sighted Biden agenda, which has inflated the cost of energy and other agriculture inputs and threatened family farms and small businesses with tax increases such as the repeal of stepped-up basis, the 2017 tax cuts resulted in robust economic growth and benefited Americans across the income spectrum,” said Rep. Smith. “Through policies such as doubling the estate tax exemption, increasing the child tax credit and standard deduction, creating a new 20 percent deduction for passthrough small business income, and allowing 100 percent bonus depreciation for purchases of both new and used farm equipment, TCJA lowered tax liabilities for farm and ranch households, strengthening their competitiveness in an increasingly global market.
“Ensuring our tax code reflects the cost of doing business and the unique challenges facing rural America can mean the difference for rural Americans working hard to grow, raise, and make products here, then sell those products around the world. To secure prosperity for the future, we need to preserve and build on the gains TCJA.”
BACKGROUND:
The Rural America Tax Team is one of ten tax teams created by Ways and Means Committee Republicans to hold listening sessions with American families and job creators in order to develop policy recommendations for improving the tax code.
