The David Rubenstein Show Jason Smith
May 29, 2025
Jason Smith, Chairman of the House Ways and Means Committee and a prominent figure in Missouri politics, dives into the nuances of tax legislation. He discusses the key provisions of a new tax bill and the hurdles of passing it through Congress. Smith highlights the increase in the SALT deduction and the delicate negotiations required to address various congressional perspectives. He shares his journey from humble beginnings in agriculture to becoming a leader in Congress, emphasizing the importance of relationships and the drive for impactful change.
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Reconciliation Shapes Tax Bill Passage
- Reconciliation is a key legislative tool allowing Senate passage with 51 votes under budget resolution constraints.
- Eleven House committees mark up related bills under these instructions before consolidation.
No Tip Tax Origin Story
- The "no tax on tips" provision started from a waitress's request to President Trump at Nevada during his campaign.
- The bill eliminates tax on tips but excludes high-compensated employees earning over $160,000.
Farming Roots Inform Leadership
- Jason Smith comes from a small farming town in Missouri with deep family roots.
- He spent youth working on his grandparents' farm and later purchased it.