Chairman Smith on July CPI Report: Republicans Are Working to Lower Costs and Grow Wages While Democrats Are Pushing More Government Spending and Higher Taxes for Working Families

Republican tax cuts are delivering permanent relief as core inflation slows.

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) report for July 2026:

“Republicans passed the Working Families Tax Cuts to provide meaningful relief for working-class Americans. Core inflation remains less than half of the peak that families experienced during the Biden Administration when Congressional Democrats’ spending drove prices through the roof, while today leading Democrats are pledging to take their reckless tax-and-spend agenda even further if they get power. Working families received relief from refund checks this year through No Tax on Tips, No Tax on Overtime, No Tax on Social Security, a bigger Child Tax Credit, and additional Republican policies targeted at making health care, education, and everyday life more affordable. This relief is reaching the nurses, truck drivers, and small business employees who keep our country running, with nearly 70 percent of Americans who received a tax cut earning less than $100,000 a year. In contrast, socialist Democrats continue to push for tax hikes on working families to pay for their government takeover, while Republicans remain focused on advancing legislation that lowers costs and grows wages for hardworking Americans.”

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