Press Releases

Thank you, Mr. Chairman, for organizing another round of field hearings. It’s fitting that we’re here today in the Ronald Reagan Presidential Library after Republicans passed the One Big, Beautiful Bill.

This historic legislation builds on President Reagan’s legacy of lowering the tax burden on Americans, so they can keep more of their hard-earned money. Through field hearings and tax teams, we spent hundreds of hours traveling the country to talk to Americans to gather their input.

After years of work, the One Big, Beautiful Bill will put America first, delivering immediate tax relief to small businesses, farmers, producers, and working families.

Small businesses are critical to our economy and provide an honest living for Americans and their families. 

Ensuring our tax code is fair and encouraging growth is a priority to Republicans in Congress. 

A significant component of the One Big, Beautiful Bill is the permanent extension and enhancement of the 20% Small Business Deduction. 

With this deduction being made permanent, small businesses will be empowered to reinvest in their operations, hire more workers, and contribute to local economies. 

Small businesses will also benefit from the doubled Small Business Expensing of $2.5 million, because that will enable them to invest in their employees and grow their businesses. 

Part of ensuring generational growth in business, whether it’s a shop in a small town or a family-owned farm in Kansas, we are making sure families aren’t overburdened by taxes and government red-tape. 

Our legislation also raised, and made permanent, the death tax exemption, which means family-owned businesses and farms will continue to be kept in the family, instead of assets needing to be sold solely to pay taxes to the government. 

A key provision Chairman Smith and I worked on was the permanent restoration of immediate expensing for domestic research and development, or R&D. 

Supporting American innovation and encouraging investment right here at home is critical. 

The R&D expensing provision expired in 2022, which discouraged businesses from investing in job-creating activity, and we saw plummeting in the investment that was being made after the 2022 expiration.

Making this provision permanent will boost our economy and lead to more job growth.

One of the things we can’t lose sight of is that three-quarters of R&D spending are for wages. By giving companies certainty to invest in research here in the United States, we’ll see more manufacturing jobs and a stronger, more competitive America.

Without our work in Congress on the One Big, Beautiful Bill, Main Street and rural businesses would have faced a 43.4% federal tax rate if the Small Business Deduction expired at the end of this year. 

Now, small businesses across our nation will continue to operate and grow in their local community. 

With Republicans in Congress and President Trump back in the White House, businesses, big and small, are going to see growth in hiring, wages, and prosperity. 

We saw those results when TCJA was passed during President Trump’s first term, and now, in his second term, we’ve made many of those provisions permanent. 

As we move forward, we remain committed to cutting unnecessary spending, as we demonstrated with the first rescissions package last week.

In tandem, the One Big, Beautiful Bill’s pro-growth policy, America is not only on the path to renewed strength but will continue to be the very best place in the world to start, grow, and sustain a business.