Jason Smith: The Big Beautiful Bill Ends 'Democrats' Lavish' Green 'Handouts'

Forbes Breaking News

At a House Rules Committee hearing on Tuesday, Rep. Jason Smith (R-MO) spoke about how the Big Beautiful Bill will help Americans.

Transcript

00:00You're recognized. Thank you Chair Fox and Ranking Member McGovern for this

00:06opportunity to testify on how the one big beautiful bill is delivering on

00:11historic tax relief for blue-collar workers, middle-class families, farmers

00:18and small businesses. We're at the point now that both the House and the Senate

00:24have had their voices heard. And while some of the bill has changed, it's

00:29promises have not. We are delivering an American economy that prioritizes the

00:36working-class and the families that make up the heart of this great nation. We

00:43embrace policies that were cheered by the small businesses, the farmers, the moms

00:50and dads that appeared before the Ways and Means Committee, in field hearings, and

00:56in tax team meetings throughout the country over the course of more than two

01:02years. In fact, we visited more than 30, more than 30 different states to hear to

01:10those small business owners, those working moms, those farmers. This disproves the

01:16Democrats' claim that this bill is rushed and was created behind closed doors. The

01:24American people know exactly what is in this bill. Seventy-seven million Americans

01:31voted for this bill. We should do the same. Democrats used one-party control of

01:40Washington to supercharge the IRS with more middle-class audits and more reporting

01:47requirements for gig workers and small businesses. They spent over $600 billion on handouts to the

01:56wealthy, well-connected, and the political class. The Republicans' one big, beautiful bill not only

02:05ends Democrats' lavish, the lavish green handouts, and stops the threat of a $1,700 tax increase on

02:16working families. But because of a bigger child tax credit and increased standard

02:24deduction, Americans will get an immediate tax cut compared to what they would pay

02:31today. Households earning less than $100,000 get a 12% tax cut compared to what they are

02:41paying right now. Wealthy Americans will pay a greater share of the tax burden than they do now,

02:51just as what happened after the 2017 tax cuts. Democrats want to tell a different story,

02:59but simple math, simple math shows who pays more taxes under this bill. With the one big, beautiful bill,

03:09we will protect or create more than 7 million jobs. Small businesses alone are projected to create

03:181 million new jobs annually. Democrats' spending fueled price hikes. Republicans' tax cuts will boost

03:30pay raises. Under Democrats, American families experienced rampant inflation caused by President Biden's

03:40lavish spending. Under these Republican tax cuts, a typical family of four will see their take-home pay increase

03:48by upwards of nearly $11,000 per year. Real wages for workers will rise by as much as $7,200 per year.

04:02We go even farther by including President Trump's promises of no tax on tips, no tax on overtime pay,

04:12and no tax on auto loan interest of autos made in the United States and tax relief for seniors. The waitress,

04:20making her living on tips, gets an extra $1,300 in her pocket because of this bill. The lineman, working overtime to

04:32restore power after a natural disaster gets an extra $1,400 because of this bill. 40 million, 40 million American

04:44families will see a permanent increase in the child tax credit to $2,200. For the 91%, the 91% of Americans who use the

04:58standard deduction to file their taxes, they will see a permanent increase of up to $31,500. Democrats want

05:12Washington to tell families what to do. Republicans believe parents know what works for them. For education,

05:22we give parents and students more opportunity to choose schooling that best fits their needs, including

05:32trade schools, by expanding 529 education savings accounts. For family growth and health, we enhance the

05:42adoption tax credit, make permanent the paid leave tax credit, we increase the child and dependent care credit,

05:50as well as flexible spending arrangements, and we expand health savings accounts. For our children's future,

06:00Trump accounts put children on a financially secure footing, pegged to America's economic success.

06:09Under Democrats, families could barely get by. Under Republicans, one big, beautiful bill,

06:17families will thrive. This is a historic opportunity to build on the successes of the 2017 Trump tax cuts

06:28and provide additional relief for workers, families, farmers, and small businesses. More investment, more

06:40growth, and more jobs right here in America. In fact, even before this bill's passage,

06:47policies contained within it have already notched huge victories. With the recently announced G7 Global

06:57Tax Framework and Canada ending its unfair digital service tax, the G7 agreement alone will stop foreign

07:09governments from stealing upwards to $120 billion of revenues from our country's coffers. That's a huge,

07:20huge win, Madam Chair. We are prepared to get pro-worker, pro-family, and pro-America tax relief to the President's desk,

07:29so families and Main Street businesses can start planning their own futures as soon as possible. I want to thank

07:37you for your time and I look forward to the questions.

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