Member Day Hearing on Matters Within the Committee’s Tax Jurisdiction
2025-01-22
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Summary
The Ways and Means Committee conducted a member day hearing to advance President Trump's economic agenda by extending key provisions of the 2017 Tax Cuts and Jobs Act. Over 55 members testified on issues including tax relief for workers and small businesses, the child tax credit, estate tax, and the preservation of energy tax credits. Witnesses emphasized that expiring tax cuts would lead to significant burdens for families and businesses, with estimates showing tax hikes of up to 43% for small businesses and 25% for average taxpayers. The hearing focused on restoring economic growth, ensuring rural and agricultural communities remain viable, and promoting American manufacturing through pro-growth tax policies. Key topics included the permanent extension of the 199A pass-through deduction, the repeal of the death tax, and the preservation of energy tax credits such as 45Z and 45Q. Members advocated for solutions that balance fiscal responsibility with economic recovery, calling for swift action to deliver relief to hardworking Americans.
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Transcript
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