House Republicans Unveil $5 Trillion Tax Cut Plan

WASHINGTON—On Tuesday, Rep. Jason Smith (R-MO), chairman of the House Ways and Means Committee, touted the tax cuts included in his committee’s portion of Republicans’ reconciliation bill. The legislation includes roughly $5 trillion in tax breaks and extends tax cuts from 2017. Smith stated, “Today, this committee will move forward on President Trump’s promise of delivering historic tax relief to working families, farmers, and small businesses.” He also warned that Democrats voting against the bill would be "voting for the largest tax hike in American history." The video shows Smith's testimony before the House Ways and Means Committee, offering a direct look at the political maneuvering surrounding this significant piece of legislation. The bill's long-term effects on the American economy remain to be seen.