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Taxes

Serving as Chairman of the Senate Finance Committee has given me the opportunity to shape important tax policy affecting the lives of Idahoans and all Americans. I am always looking for opportunities to simplify our tax code, create jobs and help Idahoans save for retirement.

In 2017, Congress enacted comprehensive, pro-growth tax reform for the first time in more than 30 years—the Tax Cuts and Jobs Act (TCJA). This legislation led to one of the strongest economies in generations: unemployment dropped to historic lows, economic gains flowed to all demographics and income levels, and American businesses reported record investment in research and development.

In 2025, congressional Republicans made the TCJA permanent, preventing a more-than $4 trillion tax hike on American families and workers, which would have been the largest in American history. The Working Families Tax Cuts (WFTC) legislation also provided new tax relief to working families and seniors, while increasing and making permanent many critical tax provisions that are increasing domestic investment and boosting economic growth.?

I remain committed to preserving Republicans’ pro-growth tax policies, and continuing to build on them, to create a competitive environment for U.S. businesses and ensure Americans have access to high-paying jobs.

Lower Taxes for All Americans

Through policies like a boost to the standard deduction, tax benefits for child care affordability, and delivering on President Trump’s agenda of no taxes on tips, no taxes on overtime and tax relief for seniors, the Working Families Tax Cuts provide significant relief to low- and middle-income Americans.

According to the nonpartisan Joint Committee on Taxation, the largest proportional benefits of the new tax relief in the Working Families Tax Cuts law go to workers and families making less than $50,000 per year.

The law also makes it more affordable to raise a family through targeted provisions like increases to the Child Tax Credit and the Child and Dependent Care Tax Credit, and the creation of Trump Accounts, which help children build financial security from birth.

Job Creation

The Working Families Tax Cuts law also restored and made permanent critical pro-growth tax provisions that immediately began increasing domestic investment and boosting economic growth. Through policies like the 199A/Small Business Deduction and the interest exclusion on rural and agricultural loans, job creators can reinvest more capital into their workforces.

Community Investment

Because of policies like the Opportunity Zone program, New Markets Tax Credit and Low-Income Housing Tax Credit, the Working Families Tax Cuts have helped to attract capital, create jobs and finance housing in rural and distressed areas. With new enhancements on top of the permanent renewal of those programs, hardworking American families have opportunities to get ahead no matter where they live.

Expanded Educational Opportunities

A quality education can provide for a lifetime of learning and prepare students for rewarding careers. The Working Families Tax Cuts make education more accessible with new tax benefits that expand opportunity and affordability. The legislation created a new Education Freedom Tax Credit, expanded 529 education savings accounts and permanently extended tax benefits for certain student loan repayments. By reducing the cost of education, the law helps students and their families access the schools and programs they choose.

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