SC Nebraska News

Rep. Adrian Smith (R-NE) has been appointed to chair a team focused on promoting legislative solutions to protect rural Americans impacted by Tax Cuts and Jobs Act provisions set to expire in 2025. In a statement following the announcement by the Ways and Means Committee, Rep. Smith emphasized the importance of addressing the challenges faced by rural communities in the realm of taxation.

“Contrary to the short-sighted Biden agenda, which has inflated the cost of energy and other agriculture inputs and threatened family farms and small businesses with tax increases such as the repeal of stepped-up basis, the 2017 tax cuts resulted in robust economic growth and benefited Americans across the income spectrum,” said Rep. Smith.

The team led by Rep. Smith, known as the Rural America Tax Team, aims to focus on preserving and enhancing the tax policies that have positively impacted rural households. Rep. Smith highlighted the significance of policies implemented under the Tax Cuts and Jobs Act (TCJA) that have benefited rural Americans. He mentioned measures such as doubling the estate tax exemption, increasing the child tax credit, and creating deductions for small businesses, all of which have contributed to lowering tax liabilities for farm and ranch households.

“Ensuring our tax code reflects the cost of doing business and the unique challenges facing rural America can mean the difference for rural Americans working hard to grow, raise, and make products here, then sell those products around the world. To secure prosperity for the future, we need to preserve and build on the gains TCJA,” Rep. Smith added.

The Rural America Tax Team, part of the ten tax teams established by Ways and Means Committee Republicans, will engage in listening sessions with American families and job creators to develop policy recommendations aimed at improving the tax code and supporting rural communities.