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

April 24, 2024 – PRESS RELEASE J.P. Freire Tim Foster Tate O’Connor Dylan Chandler (202) 225-3625

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