Rep. Jason Smith hasn’t been chair of the House Ways and Means Committee very long, but he’s already done something rare for a Republican: He’s struck fear into the heart of corporate tax lobbyists.
The Missouri lawmaker is making it clear he isn’t the sort of Chamber of Commerce Republican his side usually picks for this job. He is going out of his way to let corporate America know he’s not terribly concerned with its problems, even if its taxes are going up substantially, while promising a lot more scrutiny of its relations with China.
“Our priorities have changed — our priorities are small business, working-class Americans and farmers over big corporations,” he said in an interview.
Politico
I wonder how long before they kick him out of the GOP.
Asked what part of the Tax Cuts and Jobs Act shouldn’t be extended, Smith doesn’t point to any tax cuts that he thinks ought to lapse — but to Opportunity Zones, which he says should be rewritten to better benefit rural areas
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The last time they were running the House, Republicans pushed through the biggest cut in the corporate tax rate in decades.
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Many corporate leaders can’t believe Congress has allowed a series of time-delayed tax increases included in Republicans’ 2017 tax cuts to actually take effect and are still hoping lawmakers will reconsider provisions now making it harder to deduct research, interest and capital expenses.
On top of that, there’s Democrats’ new “book income” minimum tax on big companies, an especially complicated levy that is giving corporate tax departments fits.
Tax payments by big companies are projected to jump this year by 12 percent “largely” because of those increases, budget forecasters said last week.
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