Press Releases

WASHINGTON, D.C. – This week, the House Committee on Ways and Means hosted a field hearing in Peachtree City, Georgia, to hear from folks in that community about the economic challenges they face under President Biden’s leadership, and to discuss the pro-growth policies Congress can enact to help our economy turn around and leave workers and families with more money in their pockets. Congressional Western Caucus Vice Chair Michelle Fischbach (MN-07) and Western Caucus Members including House Committee on Ways and Means Chair Jason Smith (MO-08), and Reps. David Schweikert (AZ-01), Kevin Hern (OK-01), Carol Miller (WV-01), Blake Moore (UT-01), Beth Van Duyne (TX-24), Randy Feenstra (IA-04), and Nicole Malliotakis (NY-11) participated.

“This is a critical part of our job, to be here listening to folks from across the country and understanding better as we go back to D.C. to legislate. Over the past two years we've watched inflation, we've watched more supply chain issues, we've watched the workforce issues, all on top of the pandemic,” said Vice Chair Michelle Fischbach. “Good ideas don't always come from D.C., a lot of them are bad ideas and you are all part of your community and you know what works, what's good, what's helpful. I have such a hard time just saying that every neat idea in DC is going to work because it's not and we need to be out here talking to you because we need to understand what's going on in your communities.”

“Historic inflation, higher interest rates, and help wanted signs have come to define life in America for millions of people and businesses. For a lot of folks in this room, it feels like Washington has forgotten about them. We need to prioritize the families, the farmers, and small businesses who build, feed, fuel, and power our nation,” said House Committee on Ways and Means Chair Jason Smith. “Since President Biden took office, the average American household has lost $10,000 due to higher prices on everything from food to gas to clothes. Real wages are down 3.5 percent, and for working class families, it means choosing between gas in your car and food on your table. Here in Georgia, gas prices alone have increased by over 50 percent, rising from just $2.16 in January of 2021 to over $3.38 today.”

“When we talk about expensing, do understand that my brothers and sisters, expensing in many ways is a timing effect. Instead of buying a piece of capital equipment and depreciating it over time, you just take it on the first. It's a timing effect. It's not a tax giveaway because the model basically says you buy a piece of capital equipment, your cycle time gets tighter, I bought one, instead of waiting seven years and then replacing the piece of a capital equipment because it's fully depreciated. I might do it next year and the year after that another one another one because [of] my competition,” said Rep. David Schweikert. “If it increases the productivity cycle time, workers get paid more, [and] we as a society get more productive. There's a difference between a tax cut and just something where you do improve cash flow and then the capital cycle.”

“There's a famous country song and a great line that comes from that, the interest rate is up and the stock market's down and it's not getting any better anytime soon, we just heard this morning that the interest rates are going up again to try to tame the inflation Americans are hurting, bad fiscal and monetary policy has fueled record high inflation in turn causing the FED to raise interest rates in an effort to curb inflation, the FED will continue to raise interest rates until we get our inflation problem under control that means more pain is on the horizon,” said Rep. Kevin Hern. “Regardless of what anybody wants to say in a political environment, when you talk to the economists, they say this is going to go on, at least until 2024 at the earliest will it go away then when interest rates rise, businesses pay more in interest and the cost of capital rises, this makes it hard for businesses to access capital markets to expand and grow.”

“Congress needs to hear these challenges because so many times when you see the policy that comes out of Washington D.C you wonder if they've ever had to sign the front of a paycheck, if they've ever had to pay everybody else first before they could take anything home,” said Rep. Carol Miller. “Republicans in Congress have attempted to simplify the tax code especially in the tax cuts and jobs act, we also know that there's more work that needs to be done.”

“As far as Congress as a whole, there are voices that are there for themselves and that just want to sow discord. As far as our committee from what I understand, Republican or Democrat, we want a strong economy, and that is an absolute goal, and there's a difference in philosophy about how you go about doing it. I am obviously very supportive of the Tax Cuts and Jobs Act. If I was in Congress I would have voted for [the Tax Cuts and Jobs Act] and voted against ARPA—that's obvious,” said Rep. Blake Moore. “It's not easy to do big pieces of legislation, and we have an opportunity right now to identify from research and from data what's good, what's happened that's been good, and I would say like things like the R&D amortization. We need to recognize that historically it's been good and we had to do that in order to pass that bill, there's a lot of amazing things that happen, growth of the economy our revenues have never been higher and we need to work together to be able to get that done for the American people because it impacts every industry that you could possibly imagine.”

“It's good for us to get out and talk to you where you live and not make you come all the way to DC where it's all stuffy,” said Rep. Beth Van Duyne. “Unfortunately, since the Biden Administration took office, we have observed a concerning trend of rising inflation resulting in the average household experiencing additional expense of ten thousand dollars per year and this economic downturn has further been worsened by a record 24 consecutive months of declining inflation-adjusted wages leaving millions of families struggling to make ends meet.”

“Small businesses are struggling from inflation, labor shortages, higher taxes, and burdensome red tape in the Biden economy,” said Rep. Randy Feenstra. “As part of our ‘State of the American economy’ field hearings, my Ways and Means Committee colleagues and I have heard from several small business owners who are facing increased operating costs and higher tax liabilities with the expiration of many pro-growth provisions in the Tax Cuts and Jobs Act. Republicans remain committed to alleviating financial strains on our small businesses by reviving and preserving these vital tax provisions – including 100% bonus depreciation, the 20% QBI deduction, and immediate R&D expensing – to provide business and industry with the certainty they deserve to grow, invest, and thrive.”

“When government has these types of programs where they're giving money with one hand, at the end of the day they're really taking it with another because it's driving up inflation, it's driving up taxes and that is exactly what we're seeing some of these proposals that the Democrats are saying here today and back in Washington would do  - we've seen that story firsthand in New York City,” said Rep. Nicole Malliotakis. “We believe Republicans that we should have a pro-growth tax policy that helps small businesses. I know big businesses grow, create more jobs, and stimulate the economy. We get tax revenue from that - not by hammering people over the head each and every day with taxes and fines and fees and regulations and burdens.”

These Congressional Western Caucus Members heard from the following witnesses during the field hearing:

• David Bergmann, President, NAECO, LLC
• Alison Couch, Owner, Ignite Accounting
• Lisa Winton, CEO, Winton Machine Company
• Matt Livingston, Owner, Coach’s Bar and Grill

“We are in the materials business, and I’ve learned there are actually sufficient raw materials to satisfy demand, but everything in between, from industrial capacity to logistics capacity to work-force availability, seems in short supply,” said David Bergmann.

“The IRS continues to close phone lines, have extensive wait times, and long backlogs…the idea of funding this agency with $80 billion additional dollars to perform audits, which will add to all of their existing problems, before the current backlogs are cleared out and current calls are handled in a timely manner, is preposterous,” said Alison Couch. “I am here today to ask you to not additionally fund the IRS with $80 billion dollars.”

“I know that when manufacturing is strong, America is strong,” said Lisa Winton. “In the year following passage of the Tax Cuts and Jobs Act, Winton Machine saw a 49 percent increase in sales, 53 percent increase in machinery shipments. We grew our overall labor payroll by nearly 150 percent and purchased a new, American-made CNC machine…recent changes to the tax code unfortunately make these goals more difficult.”

“I’m not sure anything I could say will change the minds of those that believe this economy is thriving or it is the best that it has ever been,” said Matt Livingston. “Anyone that has those beliefs obviously has not been to my small town.”

Click here to watch.