Today, Ways and Means Chairman Jason Smith shared his views in an op-ed published by the Washington Examiner. The piece emphasizes how the One Big Beautiful Bill Act, along with President Trump’s trade policy, aims to achieve what he believes ‘Bidenomics’ could not.
Chairman Smith argues that Democrats have been promoting a narrative against tax cuts and deficit reduction. “Democrats in Washington like to push a narrative that you cannot cut taxes and decrease the deficit,” he wrote. He contends that economic growth spurred by the One Big Beautiful Bill Act, alongside government spending cuts and Trump’s America First trade policy, will counter this view.
Smith highlighted a recent federal budget surplus as evidence of success: “June saw the first federal budget surplus in more than nine years, with revenues exceeding spending by $26 billion.” He attributes this surplus to new tariff revenue and suggests it marks progress toward fiscal responsibility.
The op-ed challenges perceptions about tax incentives within the bill, suggesting they will drive investment and job creation. Smith refers to historical data from Trump’s 2017 tax cuts to support his claims about potential economic growth: “We know it is because in the years following the passage of Trump’s 2017 tax cuts, the United States’s economy grew by 2.8%.”
Smith also emphasizes Trump’s trade policy as beneficial for American manufacturers and farmers while generating significant revenue for deficit reduction. According to him, even projections from the Congressional Budget Office (CBO) indicate substantial future revenue from tariffs.
The op-ed concludes with a call for addressing federal spending issues through reforms such as work requirements. Smith advocates for continued efforts beyond economic growth and tariff revenue alone: “Economic growth and tariff revenue alone will not save us, but they are certainly a start.”
###
