Jason Smith predicts ‘largest tax increase’ if budget fails
Rep.Jason Smith (R-MO) has warned that if the proposed budget reconciliation by House Republicans fails, it could lead to “the largest tax increase in the history of America.” He claims that this failure would result in significant cuts to the child tax credit and a reduction in the guaranteed deduction utilized by most Americans when filing thier taxes.Smith criticized Democrats, notably House Minority Leader Hakeem Jeffries (D-NY), claiming they are out of touch with reality and asserting their plans could enact severe Medicaid cuts. As the Chair of the House Ways and Means Committee, Smith expressed his commitment to uphold President Trump’s tax promises, emphasizing no taxes on tips, overtime, or Social Security for seniors. The current budget resolution maintains a freeze on federal funding until September 30.
Jason Smith warns Americans face ‘largest tax increase’ if budget fails
Rep. Jason Smith (R-MO) suggested the result of not passing the budget reconciliation proposed by Republicans in the House could be “the largest tax increase in the history of America.”
Republicans are committed to trillions in federal spending cuts, and Medicaid is appearing as a large target. Smith dismissed House Minority Leader Hakeem Jeffries (D-NY), predicting that the majority leadership is trying to “enact the largest Medicaid cut in American history.”
“Well, all I have to say is the Democrat Party is completely out of touch with reality,” Smith said on Fox News’s The Ingraham Angle Wednesday. “If we don’t pass this bill, Americans will face the largest tax increase in the history of America. The child tax credit, which is something that he says he supports, gets slashed in half from 2,000 to 1,000. The guaranteed deduction, which 91% of all Americans used to file their taxes, that gets slashed in half.”
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Smith expressed his commitment to follow through on President Donald Trump’s campaign promises on no tax on tips, overtime, or Social Security for seniors. The Missouri Congressman is the Chair of the House Ways and Means Committee, and was one of three other committee chairmen who headed the impeachment inquiry into Joe Biden.
The last continuing resolution on the budget froze federal funding until Sept. 30.
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