Ways & Means Chairman Smith and Tax Subcommittee Chairman Kelly Announce Tax Teams to Avert 2025 Tax Cliff

April 24, 2024 - Blog - Press Releases - Tax

WASHINGTON, D.C. - Today, Ways and Means Committee Chairman Jason Smith (MO-08) and Tax Subcommittee Chairman Mike Kelly (PA-16) announced the formation of ten Committee Tax Teams, comprised of Ways and Means Republican members, to study key tax provisions from the 2017 Trump tax cuts that are set to expire in 2025 and identify legislative solutions that will continue to help families, workers, and small businesses struggling in the Biden economy.

Ways and Means Committee Chairman Smith said:

"Workers, families, farmers, and small businesses are facing the single largest tax hike in history at the end of next year. Unlike President Biden and his Democrat allies in Congress, Ways and Means Republicans will not sit idly by and allow Washington to take more out of the pockets of hardworking taxpayers - including the $7 trillion in tax hikes the President has repeatedly called for.

"If the 2017 Trump tax cuts expire an average family of four earning $75,000 would see their taxes increase by $1,500 a year. A family of five with two earners making around $100,000 would see a tax increase of nearly $7,500 a year - and that's on top of President Biden's inflation tax, which has raised prices by 19 percent since he took office.

"At hearings we've held across the country, the Ways and Means Committee has heard directly from workers, families, farmers, and small businesses who emphasized the urgent need for tax relief. The mission of these Tax Teams will be to build on the success of the Trump tax cuts to provide a pro-America, pro-worker vision for the future and a much-needed alternative to President Biden's $7 trillion tax hike."

Tax Subcommittee Chairman Kelly said:

"While Democrats are getting ready to raise taxes on workers, families, and mom-and-pop businesses on Main Street, Ways and Means Republicans are defending the Trump tax cuts that resulted in the strongest economy in American history. These tax teams will ensure that our tax code works for Americans - not the other way around. It's time to turn the page on the disastrous Biden economy and strengthen our workforce, help our families, and restore the American dream."

BACKGROUND

The Ways and Means Committee Tax Teams are comprised of Republican Committee members with each team assigned specific areas of tax policy for review.

American Manufacturing

Chair: Rep. Buchanan

• Rep. Murphy*
• Rep. Arrington
• Rep. Tenney
• Rep. Malliotakis Working Families

Chair: Rep. Fitzpatrick

• Rep. Malliotakis*
• Rep. Moore
• Rep. Steel
• Rep. Carey

American Workforce

Chair: Rep. LaHood

• Rep. Carey*
• Rep. Wenstrup
• Rep. Smucker
• Rep. Fitzpatrick

Main Street

Chair: Rep. Smucker

• Rep. Steube*
• Rep. Buchanan
• Rep. A. Smith
• Rep. Arrington
• Rep. Van Duyne

New Economy

Chair: Rep. Schweikert

• Rep. Van Duyne*
• Rep. Murphy
• Rep. Tenney
• Rep. Steel

Rural America

Chair: Rep. Adrian Smith

• Rep. Fischbach*
• Rep. Feenstra*
• Rep. Kustoff
• Rep. Steube

Community Development

Chair: Rep. Kelly

• Rep. Tenney*
• Rep. LaHood
• Rep. Moore
• Rep. Carey

Supply Chains

Chair: Rep. Miller

• Rep. Kustoff*
• Rep. Wenstrup
• Rep. Ferguson
• Rep. Fishbach
• Rep. Feenstra

U.S. Innovation

Chair: Rep. Estes

• Rep. Steel*
• Rep. Schweikert
• Rep. Ferguson
• Rep. Hern
• Rep. Murphy

Global Competitiveness

Chair: Rep. Hern

• Rep. Moore*
• Rep. Kelly
• Rep. Estes
• Rep. Miller
• Rep. Feenstra

*Denotes Vice Chair