Shenango Valley News

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 address key tax provisions from the 2017 Trump tax cuts set to expire in 2025.

Chairman Smith emphasized the urgency of the situation, stating, “Workers, families, farmers, and small businesses are facing the single largest tax hike in history at the end of next year." He highlighted the potential impact of the tax cuts expiring, mentioning that "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."

Rep. Kelly, who will chair the Community Development Tax Team and serve on the Global Competitiveness Tax Team, reiterated the Republicans' stance in contrast to the Democrats, stating, “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."

The Ways and Means Committee Tax Teams, each focused on specific areas of tax policy, aim to provide solutions to continue supporting families, workers, and small businesses. Tax Subcommittee Chairman Kelly expressed the goal of these teams, saying, “It’s time to turn the page on the disastrous Biden economy and strengthen our workforce, help our families, and restore the American dream."

The Tax Teams cover various aspects of tax policy, with each team led by a Republican Committee member. These teams, as announced, will work towards identifying legislative solutions that will prevent the 2025 tax cliff.