Tax Cuts for Working Families Rewards Hard Work With Real Relief

WASHINGTON, D.C. - House Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) report for August 2025:

"America has come a long way since the days of painful 9 percent inflation under Joe Biden. Today, inflation is lower than before Democrats turned on their $10 trillion spending spree firehose. America's working families experienced a 21 percent spike in prices under Joe Biden, and Washington Democrats left families with less money in their pockets and anxiety about providing for their children's future.

"That's why Republicans delivered on President Trump's promise to put more money in the pockets of working families and reward hard work with real relief - like no tax on Social Security, no tax on tips, no tax on overtime, an enhanced and permanent Child Tax Credit, a boost to the Standard Deduction, as well as expanded health savings accounts and educational savings accounts. The average family will pay $600 less in taxes than they pay today thanks to the tax relief for working families Republicans passed. Under President Trump, economic growth is defying predictions, paychecks are growing, and businesses are investing big in America again. Republican economic policies that focus on supporting workers, families, farmers, and small businesses are already leading to more growth in the economy than forecasters predicted, more opportunity, and greater financial security for the American people."