On Monday’s broadcast of the Fox Business Network’s “Mornings with Maria,” House Ways and Means Committee Chairman Rep. Jason Smith (R-MO) responded to questions on whether he’d support increases on the top income tax rate or the corporate income tax rate by stating that there haven’t been any talks about the corporate rate and there have been discussions in the media about increasing the top rate and “what I’ve said all along is that we’re looking at every tax provision, every single tax provision, and we’re looking at what makes a tax code pro-growth, pro-worker, pro-family.”
Host Cheryl Casone asked, [relevant exchange begins around 5:30] “Congressman, do you support a hike, like a millionaire’s tax, do you support raising the corporate tax rate?”
Smith responded, “What I’ll say right now is that we’re looking at everything in the tax code, and we’re going to provide a tax code that creates growth, it’s pro-small business, pro-family, pro-worker. If we do nothing, that top tax rate will go from 37% to 39.6%. We need to make sure that U.S. companies can compete with the rest of the world. The 199A provision, that’s the small business deduction for all the pass-throughs, typically, 26, 27 million small businesses are in that top rate, right now, if Congress does not act, they will see their taxes go up from roughly 23 to 25%, to 43.4%, we are focused on a pro-growth tax bill that benefits workers, families, farmers, and small businesses, and that’s exactly what we’ll deliver.”
Casone followed up, “The problem, though, with the pro-growth policies, and I agree, that is the goal, is that we’re seeing a slowing economy. But I just want to clarify with you, you would be willing to potentially vote if the corporate tax rate was raised, say, from 21 to 25?”
Smith responded, “So, the corporate tax rate there [have] been zero discussions about being raised. What has been discussed, by news media, not within Congress, but by news media is that they might increase the top tax rate, what I’ve said all along is that we’re looking at every tax provision, every single tax provision, and we’re looking at what makes a tax code pro-growth, pro-worker, pro-family. We’re going to eliminate no tax on tips, we’re going to eliminate tax on overtime, we’re going to give tax relief to seniors, these are things that 77 million Americans voted for. It’s what we’ll deliver on.”
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