WASHINGTON, D.C. – Today, the House Committee on Small Business and the Senate Committee on Small Business and Entrepreneurship are holding a joint hearing titled “Prosperity on Main Street: Keeping Taxes Low for Small Businesses.”

Chairman Roger Williams’ opening statement as prepared for delivery:

I want to thank our witnesses for being here today. Many of you have traveled a long way to share your experiences and perspectives, and we deeply value your time and voice.

Additionally, I would like to take a moment to welcome our colleagues from the Senate. Both chambers of Congress coming together to conduct this joint hearing underscores the importance of keeping taxes low for small businesses. We are here today to fight to extend the small business tax cuts that drive growth on Main Street.

Today’s hearing will focus on the importance of making the Tax Cuts and Jobs Act of 2017, the TCJA, permanent to continue to enable Main Street to thrive by providing much-needed tax breaks to small businesses. As the nation continues to recover from the Biden Administration’s disastrous economic policies, this hearing could not come at a more important time.

Small businesses are the engine of the American economy. In order to excel, they need to be able to put their hard-earned money into their businesses instead of forking it over to the government.

This is especially true when those tax dollars fund an anti-small business government, like that of Joe Biden. Over and over again, this Committee has heard how the Biden Administration’s policies have negatively impacted Main Street. Last Congress, a small oil and gas operator testified that the Biden Administration was trying to ruin the industry financially.

Can you imagine that? Your tax dollars going to pay the salaries of bureaucrats, only for them to tell you that they want you to lose your life’s work?

For the sake of small business owners and every entrepreneur across the nation, we re-elected President Trump.

Under his leadership, Main Street America is more hopeful than ever. President Trump’s 2017 TCJA was the most significant tax system overhaul since 1986. These tax cuts brought rapid growth in job creation, U.S. GDP, and domestic investment.

Many of the tax cuts in the TCJA are set to expire at the end of this year. This would devastate small businesses and the U.S. economy at large. Making the provisions that benefit small businesses permanent is critical to sustaining economic growth and fostering an environment where small businesses can succeed.

Just last week, a small business owner testified before the Committee that the TCJA saved his business $11,000 last year, allowing him to reinvest back into his business.

This is just one example of why we need to extend President Trump’s 2017 tax cuts. Small businesses should enjoy a tax system that encourages their success. In turn, we will see job creation, innovation, and economic growth. When Main Street succeeds, the American economy succeeds. I look forward to this important hearing.

With that, I will yield to our distinguished Ranking Member from New York, Ms. Velázquez.

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