Press Releases
Smith Op-Ed: The Inflation Reduction Act Will Prolong & Make Worse Biden’s Inflation Crisis
By Rep. Jason Smith Townhall Under President Biden’s failed leadership, America is facing higher prices, rising interest rates, a labor shortage, spiraling debt, and now a recession. Family budgets are strained by inflation that has risen 13.7% since Joe Biden became President, while seniors’ retirement accounts shrink. Americans - facing higher prices and diminishing returns - are rightfully frustrated to see their concerns ignored by one-party Democrat rule in Washington. The latest … Continue Reading
August 16, 2022
Biden Cheers Handouts to the Wealthy & Big Corporations, Fueling Inflation Crisis While Slamming Middle Class with More Taxes & Audits
WASHINGTON, D.C. - House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today after President Biden signed into law the so-called “Inflation Reduction Act” - a bill to raise taxes on middle-class Americans and subject them to greater IRS audits, funnel over $400 billion in taxpayer dollars to wealthy environmentalists and big corporations, while doing nothing to address today’s inflation crisis: “By signing the Inflation Act, President Biden is sealing … Continue Reading
August 12, 2022
Democrats Vote to Increase Inflation, Raise Taxes and Audits on Middle-Class Americans, & Throw Green New Deal Handouts to the Wealthy
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after House Democrats passed the Inflation Act - their plan to raise consumer prices, impose higher taxes and more IRS audits on middle-class families and businesses, and provide taxpayer-funded handouts to the wealthy and corporations: “Right now, the worst inflation crisis in a generation - sparked by $2 trillion in spending Democrats enacted last year - is stealing more and more money out of the … Continue Reading
August 12, 2022
CBO Confirms Democrats' Plan for More IRS Audits Will Hit Americans Earning Less Than $400,000
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today after the Congressional Budget Office (CBO) confirmed this morning that a sizeable portion of the supposed savings from expanded IRS enforcement - at least $20 billion - in the Democrats’ Inflation Act will come from increased audits on Americans making less than $400,000 per year: “Democrats can try to spin the facts, but the Congressional Budget Office has confirmed that the savings Democrats … Continue Reading
August 11, 2022
Tax Scorekeeper: Democrats Inflation Act Hits Families Making Under $200,000 with $10.6 Billion Tax Hike
The Joint Committee on Taxation (JCT) has confirmed that $10.6 billion in tax increases from the Democrats’ Inflation Act will hit families making less than $200,000. JCT’s analysis looked at the distributional impact of the non-Obamacare related tax provisions, including $362 billion worth of tax increases and hundreds of billions worth of Green New Deal tax subsides. This news comes as House Democrats are preparing to vote Friday on the bill which spends $745 billion, adds … Continue Reading
August 10, 2022
FACT SHEET: The Inflation Act Adds Billions of Immediate Debt while Attacking America’s Families, Businesses, & Finances to Serve the Democrats’ Liberal Policy Agenda
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today alongside a fact sheet exposing the various ways in which the Democrats’ Inflation Act is an unmitigated attack on American families, businesses, and the nation’s finances, all in service to a liberal policy agenda. “Democrats in the U.S. House of Representatives are lining up to vote Friday on 755 pages of legislation written, rewritten, amended, and then passed by the … Continue Reading
August 10, 2022
As Inflation Crisis Continues, Democrats Push More Spending, Taxes, and Debt
Today, House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Consumer Price Index (CPI) showed inflation at a forty-year high of 8.5 percent, up 13.7 percent since President Biden took office: “Today’s report comes as Congressional Democrats are pushing a partisan $745 billion reconciliation bill that will add fuel to the inflation fire that is burning through Americans’ paychecks. Thanks to the Democrats’ reckless spending policies, … Continue Reading
August 08, 2022
As Americans Suffer in Biden’s Inflation Recession, Democrats Prioritize Hundreds of Billion for Green New Deal
The country is in a recession. American families are facing a $5,900 inflation tax this year while their real wages are down five percent. But rather than address that crisis, Washington Democrats are focusing their attention on their Green New Deal (GND) agenda which will do nothing to alleviate the pain and suffering families are facing today and will only exacerbate inflation. Over 50 percent of the new government spending in the so-called “Inflation Reduction Act” – that … Continue Reading
August 08, 2022
Smith Statement on Senate Passage of Democrats’ Inflation Act
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after Senate Democrats voted to spend hundreds of billions to increase inflation, increase taxes on the middle-class, and push the implementation of the Green New Deal on the backs of working families: “The Inflation Act will only make the current economic and inflation crisis under President Biden and one-party rule in Washington worse. It spends hundreds of billions of dollars on the Green New Deal … Continue Reading
August 07, 2022
Smith Op-Ed: Democrats Should Heed Their Own Advice — Don’t Raise Taxes During A Recession
By Rep. Jason Smith Daily Caller During the 2007-2009 recession, Senator Chuck Schumer, in a rare moment of candor, argued against raising taxes, saying: “You don’t want to take money out of the economy when the economy is shrinking.” In 2010, during his first campaign for the U.S. Senate, then-Governor Joe Manchin did not mince words either: “I don’t think during a recession you mess with any of the taxes or increase any taxes.” They were right. Unfortunately, it seems they have … Continue Reading
August 06, 2022
The Truth about the Democrats’ Inflation Act
It has been a long week of cold hard facts raining down on the Democrats’ Inflation Act. First there were the folks at Penn Wharton and the Congressional Budget Office (CBO) who agree - this legislation does nothing to lower inflation: Researchers with the Penn Wharton Model - a favorite of Sen. Joe Manchin (D-WV) - reported that the “Inflation Reduction Act” will do nothing to tamp down the inflation crisis and would actually increase inflation in the near term. To quote the experts, … Continue Reading
August 05, 2022
Democrats’ Inflation Act: Spend Today, Save Later (Maybe)
Yesterday, during a business roundtable at the White House, President Biden doubled down on Democrats’ claims that the so-called “Inflation Reduction Act” will lower inflation. An analysis released yesterday by the Congressional Budget Office in fact found that the Democrats’ budget reconciliation bill will have no impact on reducing inflation – a similar conclusion to that reached by researchers with the Penn Wharton Budget Model. And there’s a reason … Continue Reading
August 05, 2022
Democrats’ Inflation Act Empowers IRS To Audit and Harass Hardworking Americans
As a part of their Inflation Act, Washington Democrats are reviving their scheme to funnel $80 billion to the IRS to hire an army of IRS agents to target more Americans – even though the agency struggles to provide basic services, like answering taxpayer questions by phone. “American families have been paying President Biden’s $5,900 inflation tax for the last year and now Washington Democrats are doubling down on weaponizing the IRS to take more out of the pockets of … Continue Reading
August 04, 2022
CBO Confirms Democrats’ Plan Won’t Reduce Inflation, Showers Benefits on Wealthy, and Harms America’s Economy
Today, the Congressional Budget Office (CBO) confirmed that the Democrats’ latest reconciliation bill will have no impact on reducing inflation - a similar conclusion to that reached by researchers with the Penn Wharton Budget Model - in response to a request by Senate Budget Committee Ranking Member Senator Lindsey Graham (R-SC). CBO also reports that the largest driver of inflationary pressure, extended Obamacare subsidies, will simultaneously benefit wealthy Americans and disincentivize … Continue Reading
August 04, 2022
Congressional Scorekeeper Confirms Democrats’ Reconciliation Bill Raises Drug Prices
WASHINGTON, D.C. - Despite Democrats’ claims that their latest budget reconciliation bill will lower prices for families, the Congressional Budget Office (CBO) today confirmed that the Democrats’ proposed prescription drug price controls will cause prices for new drugs to be more expensive, in response to a request by House Budget Committee Republican Leader Jason Smith (MO-08), House Ways and Means Committee Republican Leader Kevin Brady (TX-08), and House Energy and Commerce Committee … Continue Reading
August 03, 2022
As Democrats Ready More Inflationary Spending, CBO Confirms Biden’s Inflation Crisis Already Added $2.5 Trillion to the Cost of Servicing Nation’s Debt
The Congressional Budget Office (CBO) today confirmed to House Budget Committee Republican Leader Jason Smith (MO-08) that the impact of President Biden’s inflation crisis and the subsequent rise in interest rates are forcing Americans to devote more of their tax dollars to paying interest on the debt. This analysis comes at the same time Washington Democrats are attempting to pass a budget reconciliation bill that would add more fuel to the inflation fire by spending $728 billion and adding … Continue Reading
August 02, 2022
As Americans are Paying Nearly $6,000 for Biden’s Inflation Tax, Democrats Plan to Raise Taxes More on Those Making Less Than $400,000
Since President Biden took office, Americans have struggled to pay President Biden’s inflation tax. Real wages have fallen 5.1 percent, with families spending $3,500 more last year and $5,900 more this year for the same goods and services. In the latest version of Washington Democrats’ budget reconciliation plan, the so-called Inflation Reduction Act, Democrats are breaking with President Biden’s pledge not to raise taxes on Americans making less than $400,000 – and in … Continue Reading
August 02, 2022
FACT SHEET: Democrats’ Inflation EXPANSION Act Increases Debt by $114 Billion
House Budget Committee Republican Leader Jason Smith (MO-08) today released a fact sheet exposing how the Washington Democrats’ so-called “Inflation Reduction Act” relies on budget scoring gimmicks and false sunsets to hide the true cost of its inflationary spending and will add to the nation’s already unsustainable debt. “Democrats are at it again using budget gimmicks and fake sunsets to create savings on paper … Continue Reading
July 31, 2022
Scorekeeper Confirms Nearly Half of New Taxes in Democrats’ Proposal Fall on U.S. Manufacturers as America Spirals into Recession
WASHINGTON, D.C. — As America spirals into a recession, domestic manufacturers will soon face a higher cost of doing business as a result of Washington Democrats’ tax and spending plan, reports the Wall Street Journal. Analysis released last week from the Joint Committee on Taxation (JCT) shows that domestic manufacturers would bear roughly 50 percent of the tax burden from a 15 percent minimum tax on book income, as proposed in the latest version of the Democrats’ Build Back Broke … Continue Reading
July 30, 2022
Sen. Manchin’s Favorite Budget Model: “Inflation Reduction Act” Will Increase Inflation
On Friday, researchers with the Penn Wharton Budget Model – a favorite of Senator Joe Manchin (D-WV) – reported that the newly revived Build Back Broke bill will do little to nothing to tamp down the inflation crisis that is robbing the paychecks of hardworking Americans and would actually increase inflation in the near term. If only naming the bill something made it so. Like how the “Affordable Care Act” … Continue Reading
