WASHINGTON, D.C. – Missouri workers, families, farmers, and small businesses are better off today than they were this time last year thanks to President Trump delivering on his promises to fix the economy and put America First. Congressman Jason Smith (MO-08) issued the following statement today commemorating the first anniversary of President Donald Trump’s inauguration, emphasizing Republican achievements in delivering historic tax relief, boosting economic growth, and improving living standards for Missouri families.

Congressman Smith said, “One year ago, President Trump took the oath of office with a bold vision to restore economic opportunity for working families and strengthen American competitiveness. In the months that followed, Republicans in Congress and the Trump Administration have worked together to deliver pro-growth policies that are producing real results for the American people.

“The Working Families Tax Cuts, which I authored, represent the most significant tax relief in generations — permanently lowering tax burdens for families and workers, expanding key health care and education benefits, and fueling economic momentum. Under Republican leadership, families are seeing bigger take-home pay and growing wages relative to prices. In just one year, Americans have gained more household wealth than under four years of the Biden Administration. The economy remains resilient, with GDP growth beating expectations, inflation moderating, and the labor market staying strong.

“Thanks to these policies, families across Missouri are better able to afford the essentials of daily life. We will continue building on this progress — cutting taxes, defending American workers, and expanding opportunity across the country.”

Republican Economic Achievements in Year One of the Trump Administration

Historic Working Families Tax Cuts

• Delivered the largest tax cut in U.S. history for working families, permanently lowering tax rates and expanding relief even further with things like a boosted standard deduction, larger child tax credit, and no tax on tips, overtime work, and seniors social security income.
• Taxpayers are projected to receive the largest tax refunds ever, with families seeing average refunds near $4,000 in 2026.
• The Working Families Tax Cuts are estimated to protect and create 7 million jobs nationwide, including 1 million annually from small businesses.
• Pro-growth provisions like immediate expensing and R&D incentives are projected to boost real GDP by 4.6 to 4.9 percent over the next four years and increase investment by roughly 7 percent, fueling stronger long-term wages.
• Incentives for Made-in-America manufacturing will strengthen America’s industrial base.
• Ending Democrats’ disastrous OECD Pillar 2 tax deal, and instead standing up for American workers and businesses against unfair taxation by European competitors.

Stronger Economic Growth

• U.S. economic growth has exceeded many forecasts: real GDP expanded at a 4.3 percent annualized rate in the third quarter of 2025, more than double Congressional Budget Office projections.
• Increased economic output is reinforcing confidence among businesses and consumers alike — a clear sign of regained momentum in the U.S. economy.

Inflation and Cost-of-Living Improvements

• After a four-year inflation crisis under President Biden, broad price growth has moderated — with key indicators showing inflation near long-range targets.
• Moderating inflation helps preserve household purchasing power, particularly when combined with tax relief putting more money back in workers’ pockets.

Booming Wages and Household Finances

• Real wages — adjusted for price changes — are rising: workers have seen positive real income growth since January 2025 compared to declines under prior administrations.
• Wage growth has outpaced inflation in key segments, helping families better manage expenses for housing, groceries, transportation, and other necessities.

A Stronger Labor Market

• Despite a challenging global economic environment, the unemployment rate has remained low — near 4.4 percent — underscoring a resilient labor market for job seekers.
• Wages continue to grow as employers compete for talent, supporting broader household income gains.
• Private-sector employment expansion remains a key driver of opportunity and economic resilience.

Eliminating Unfair Trade Loopholes

• Permanently ended abuse by China of the de minimis loophole that allowed many packages valued under $800 to avoid U.S. tariffs.

Education, Savings, and Health Care Improvements Through the Working Families Tax Cuts

• Expanded 529 accounts and scholarship funds for low-income families from President Trump’s working-class tax cuts, a game changer for parents trying to give their children a better future.
• Individuals learning a blue-collar trade to get a good paying job will enjoy the same tax treatment for their educational expenses as the four-year college student.
• Millions of low-income students across America will be able to use billions of dollars in newly funded charity scholarships for use in K-12 education to attend schools and pay for expenses that best meet their educational needs, as determined by their parents.
• New permanent incentives for work that extends policies that help employers repay employee’s student loans.
• Locked in and further boosted the doubled Child Tax Credit to $2,200 for more than 40 million American families.
• Locked in and further boosts the doubled Standard Deduction, increasing it to $31,500 for families, helping the 91 percent of taxpayers who take advantage of this tax relief.
• Trump Accounts that give millions of American children, regardless of background, a strong start at life, provide for stronger and more financially secure futures, and harness the strength of the United States economy to lift up the next generation. Under this policy, the federal government makes a one-time contribution of $1,000 to a private investment account for each newborn American baby, and grow alongside the economic revival that President Trump’s policies will deliver.
• Supported working families and small businesses by expanding access to the childcare credit and making permanent the paid family leave tax credit.
• Enhanced the adoption tax credit and indexes it for inflation to help more families experience the joy of adoption and grows the child and dependent care credit as well as flexible spending arrangements. 
• Expanded access to tax-advantaged Health Savings Accounts (HSAs), allowing families to better manage out-of-pocket medical expenses and plan for long-term care. Specifically, the bill expanded HSA access to millions on Obamacare plans, unleashed Direct Primary Care (DPC) arrangements for patients, and permanently allowed for telehealth visits before patients reach their deductible.
• Strengthened program integrity in fraud-riddled Obamacare markets and lowered Obamacare plan premiums to ensure taxpayer subsidies only go to those truly eligible – including eliminating illegal immigrant eligibility.
• Improved incentives to increase research in treatments and cures for rare diseases and invested in Medicare physician payments to ensure seniors have access to needed care.

Trump Administration Actions to Lower Health Care Costs

• Lower prescription drug prices through increased competition, transparency, and enforcement actions that reduce prices and expand access to affordable medication.
• Greater price transparency, requiring hospitals and insurers to disclose real prices so patients can shop for care and avoid surprise bills.
• Reduced regulatory burdens on providers, helping lower administrative costs that are often passed on to patients.
• Strengthened domestic pharmaceutical supply chains, reducing reliance on foreign adversaries and improving access to essential medicines.