Chairman Smith on PCE, GDP Reports: Republicans Fight to Lower Prices, Deliver Bigger Paychecks, More Jobs, & Targeted Tax Relief

WASHINGTON, D.C. - Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the release of the September 2026 reading of the Personal Consumption Expenditures (PCE) price index, showing core inflation at 3.1 percent, and the advance estimate of Q3 2026 gross domestic product (GDP), showing GDP grew at 3.4 percent on an annualized basis:

"Today's economic reports show that the Republican plan to create jobs, make life more affordable, and create an economy that gives opportunity to hardworking Americans is making progress. America's economy grew 3.4 percent last quarter as businesses invested in new equipment, computers, and technology. Permanent full expensing is helping job creators build and expand in America, giving more workers a shot at a steady job and the paycheck that goes with it. Hairstylists, delivery drivers, electricians, and machinists are keeping more of every paycheck through No Tax on Tips and No Tax on Overtime. Seniors are getting relief through No Tax on Social Security. Parents are getting a larger Child Tax Credit and access to more affordable health care, childcare, and education.

Democrats opposed every tax relief measure we passed, and now they want to repeal them. When they had unified control of government, Washington Democrats focused on giving tax breaks to wealthy environmentalists, while empowering the IRS to target Americans making less than $400,000. They also unleashed a $10 trillion spending spree that ignited the cost-of-living crisis, the effects of which are still being felt today. Americans don't need to wonder what their priorities will be. Repealing the Working Families Tax Cuts would hit nearly every American with a tax increase and do nothing to lower costs. Republicans will fight back against Democrat attacks on the working class, and we will keep putting more money back in workers' paychecks while working alongside President Trump to unleash American energy and bring down prices at the pump and the checkout line."