we go to jason smith, the chairman of the house ways and means committee.tudent loan debt to talk about $1 trillion over the last 6 months, but first we 6 months of this fiscal year and on comes austen goolsbee saying that tough value. >> the wrong decision up 19. 4% since president biden took the oath of office. like the reporter was talking about in the prior segment inflation was 1.4%, 11 consecutive months before president biden took office, what led to the skyrocketing inflation was the $10 trillion of new spending in government that president biden passed in his first two years in office. neil: you talk how anemic it was in the trump administration when covid was going on. i am not putting that on what happened, i am saying you have a spike in activity and prices after that and the spending to your point added to that. i'm wondering what happened, the federal reserve is the only game in town to get under control, and it is coming back. what happens to the economy? >> i am quite concerned with the economy, the highest in 23 years, having a drastic impa

let's bring in house ways and means committee chair, congressman jason smith.an expected. the white house is spinning this. they put ott -- out a statement saying at least it's down from it highs of june of 2022. are you buying that? >> to i'm not. when you look at this, stuart, inflation at 3.5% today, it's 19.4%, it's increased since joe biden,'s taken the oath of office. and n -- biden's taken the oath of office. and, in fact, the last 36 straight months inflation if has been up more than 150% above the federal target rate of inflation. stuart: so what does this do to the debt? we've just reported yesterday that we're spending more on interest on the debt than we are on defense. that was the last six months. interest rates are rising, so we're going to be spending more on interest. are we approaching a point when there's going to be a debt bomb explosion, congressman? >> you know, stuart, just a few years ago a i was the ranking member of the budget committee, and at that point our interest expense was $350 billion which was a lot of money and it wasn't proj

house ways and means committee chairman jason smith on why the irs is auditing the middle class.he heat is on president trump with jury selection beginning tomorrow for a trump trial in new york. professor jonathan turley with analysis of two different applications of the law. it's all right here, right now on "sunday morning futures." ♪ if. ♪ if. ♪ if. ♪ ♪ maria: and we begin this sunday morning with breaking news out of the middle east following iran's unprecedented hours-long attack last night on israel. iran launched hundreds of drones, ballistic and cruise missiles forward israel with -- toward israel with israel's military saying its air a defense system fended off 99% of those attacks. the pentagon says american military forces assisted in the defense of israel, or intercepting dozens of missiles and drones originating in iran, iraq are, syria and yemen. iran claims the attack is in retaliation for a suspected israeli airstrike nearly two weeks ago on an iranian diplomatic building in syria which killed two top generals. meanwhile, president biden signed off on renewing a

house ways and means committee chairman jason smith warning the removal of these cuts will hit the middlelass hard. >> congress must act soon to prevent what will be the largest tax hike in history on workers, families, farmers can and small businesses. middle income if earners will be hit the hardest. we will see even more closed for business signs up. maria: if the law is not extended, americans can expect to pay anywhere between 1-4% more in personal if taxes. democrats continue to claim that the 2017 cuts only benefit the wealthy. >> the life cycle of this governing goes as follows: cut taxes for special interests, top 1% and then take away basic benefits for middle income america. democrats, we saw the corporate tax cut giveaway for what it was, a tam scam. maria: and while the democrats claim that they are looking out for the middle class, we're getting a few watchdog report which shows 63% of the irs' recent add awed debts targeted taxpayers are with an income of less than $200,000 a year. joining me now isous ways and means committee member, florida congressman greg steube. congre

swallowing the democrat line going with lie the impeachment is fizzled not gyms gyms or jim jordan or jason smith'srity, what they've done what they've always said they would do what was the most important thing was to have the powers to be able to bring in witnesses, amass this mountain of evidence really up to american people, now. at the election they can judge, if they are in their minds, look at mountains of evidence there they can judge joe biden for who he really is not who he pretends to be. maria: this letter is damning go through all the areas where they have identified money from foreign sources they go through china, meetings he had with chinese officials, money that has gone directly to joe, ukraine, same thing, asserted your pressing ukraine to 2015 to fire government official investigate company your son had financial interest in line with u.s. policyk received bank records showing outsiders your son paid a million dollars a year for position onboard until you left public office then cut in half talking russia the loans the biden familiar say it is it would be in president''s best in

still ahead, senator pete ricketts, house ways and is means chair jason, smith, powerful guy. of it next on "varney & company." ♪ ♪ (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) you can't be that different. (fisher investments) we are. we have a team of specialists not only in investing, but also also in financial and estate planning and more. (other money manager) your clients rely on you for all that? (fisher investments) yes. and as a fiduciary, we always put their interests first. (other money manager) but you still sell commission -based products, right? (fisher investments) no. we have a simple management fee structured so we do better when our clients do better. (other money manager) huh, we're more different than i thought! (fisher investments) at fisher investments, we're clearly different. ♪ the road to opportunity. is often the road overlooked. at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to

. >> tax subcommittee chair mike kelly and ways and means committee chair jason smith are craghtsd teneams take a look at the impact of the cuts ending. with groups of lawmakers focusing on manufacturing, main street in rural america supply chains and more. and analysis from the tax foundation finds if the cuts expire, some middle class families would have to pay between 1600 and around $7,500 more in taxes each year. a worrying thought when high prices are already stretching budgets thin. president biden says if he's reelected he will kill the trump era tax cuts. >> it's going to take expired and dead forever if i'm elected. >> seemingly contradicting his campaign promise not to raise taxes on those making under $400,000 a year. but the administration is clarifying the president does not want to raise taxes on middle class americans. >> the president will not raise taxes on people who make under $400,000. he is going to make sure that we increase taxes modestly on the wealthy and also on corporations. >> the 2017 tax cuts permanently lower the corporate tax rate to 21%. president bide

. >> reporter: tax subcommittee chair mike kelly and ways and means committee we chair jason smith areating ten tax teams to take a look at the impact of the cuts ending with groups of lawmakers focusing on manufacturing, main street and rural america, supply chains and more. if an analysis from the tax foundation finds if the cuts expire, some middle class families would have of to pay between $1600-7500 more in taxes each year, a worrying thought when high prices are already stretching budgets thin. president biden says if he's reelected, he'll kill the trump era tax cuts. >> it's going to stay expired and dead forever if i'm elected. >> seemingly contradicting his campaign promise not to raise taxes on those making under $400,000 a year. but the administration is clarifying the president does not want to raise taxes on middle class americans. >> the president will not raise taxes on people who make under -- 400,000. he's going to make sure that we increase taxes modestly on the wealthy ask and also on corporations. >> reporter: the 2017 tax cuts person innocently lowered the corpora

the introduce with jason smith in the house the cut off that claims after generate 31, 2024 give thency's new enforcement tool. my question to you is if this sentence on this bipartisan agreement seems to me fraudulent claims will continue to clog the system. they will cost taxpayers billions of dollars divert resources with law-abiding taxpayers, your thoughts? >> i absolutely agree mr. chairman. we issued a moratorium on september 14, 2023. because over the summer 2023 increasing number of questionable claims coming in. and we were worried. not just about the financial bottom line of the u.s. government. we were worried about honest all businesses that we sell are being taken advantage of by aggressive marketers and promoters. convincing these small businesses they were eligible for a credit there were not truly eligible for but they said you get this at no risk to you and that was not true is also false advertising. we got to take steps to stop the flow. we did slow it but even today at mr. chairman we are still getting 20000 new claims every week. even when we announced in septem

jason smith, a trauma surgeon at the university of louisville. and he shared that person is most at risk of taking their own life, when they reach their lowest point and that lowest point typically only lasts for about 10 minutes. if you can get someone through that lowest point, they have an amazingly increased chance of living a full life. we know that there are laws that work to protect us. in my state of kentucky, we watch it across the river in indiana, where they have a state red flag law. we can make this a national priority through law and through funding, to help people get what they need, to help people who are in crisis and temporarily remove them from a firearm while retaining their rights. desaulnier referenced that suicide is growing among young people and unfortunately it is. but that is not the only group affected. in fact, a statistic that worries me because louisville is located just north of fort knox, we have 50,000 veterans that live in our community. the single most at-risk group with death by a firearm are white men over th

for coming in this morning >>> coming up, house ways and means committee chairman representative jason smithlen's testimony on capitol hill today. let's get a check on crypto prices right now, weaker this morning. we'll be right back. >>> a recent tweet, president biden says that he will not extend former president trump's signature tax cuts once they expire. the president said donald trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt. that tax cut is going to expire if i'm re-elected, it's going sty expired. the chairman of the house weighs and means committee wants to ask treasury secretary janet yellen about that tweet when she testifies this morning. joining us is the weays means chairman. congressman, chairman, let's talk this through a little bit. let's play this out, maybe the best we can without getting too involved in re-elections and elections and what's going to happen in this next outcome. how does this all play out for the american people. >> well, at the end of 2025, every american wil

the bipartisan tax bill that i introduced with chairman jason smith on the house would cut off the claims after january 31, 2024, and give the agency new enforcement tools. my question to you is if the senate fails to take action on this bipartisan tax agreement, it seems to me that fraudulent ertc claims are going to continue to clog the system. that's going to cost taxpayers billions of dollars, and it's going to divert resources away from law-abiding taxpayers. your thoughts? mr. werfel: i absolutely agree, mr. chairman. we issued a moratorium on september 14, 2023, because over the summer of 2023, we were seeing an increasing number of questionable claims coming in. and we were worried not just about the financial bottom line of the u.s. government. we were worried about honest small businesses we saw were being taken advantage of by aggressive marketers and promoters, convincing these small businesses that they were eligible for credit they were not truly eligible for. and they were saying you can get this credit at no risk to you, and that wasn't true. so it was also false advertisi

i proposed it with chairman jason smith in the house ways committee in january. it is, madam president, a combination of ideas from both sides of the aisle. it expands the child tax credit, focusing on kids from low-income families. it ends the long-running discrimination against low-income families with more than one kid, few of whom can claim the credit for each of their kids. madam president, you can't have three or four kids dividing up one pair of sneakers, but that's kind of the way it works today. our proposal beefs up the incentive for research and development and investment in things like new equipment and software. just today the senate finance committee released new data that we have received from the treasury department on the calamity facing small businesses if the senate doesn't pass this bipartisan bill. according to the treasury department, 3.8 million small businesses claim bonus depreciation of the research and development production in 2021. they will be left hurt if the senate doesn't pass the bill. the situation is especially dire for the sma

jason chaffetz in "focus", thank you. special counsel jack smith tearing into the trump-appointed judge in the classified documents case. he has a beef with her and whether it's justified is what we're going to take a look at. a new warning about another trump trial. >> it is weaponization of the system. this could not be whorls for our country and i think these judges have got too far with some of these orders. >> harris: the judge the trump's hush money case refused to delay the proceeding and it is fanning the flames of controversy. leo terrell, you know he is to the rescue when stuff is on fire in "focus" next. hotel for any traveler you want to be. like #1 chef dad, cookin' up a free, hot breakfast for the entire family at a comfort hotel. mom made this. umm, i... added the garnish. stay twice and get a free night when you book direct. want to save money and get cash? for veteran homeowners, it's easy as 1-2-3. one: call newday and apply. two: take out an average of $70,000. three: pay off your credit cards >> harris: special counsel jack smit

. >> laura: lucky to be alive eric smith joins "the angle" exclusively.to we were first alerted to your story by jasonny of us may he was shocked at how brazen the criminals had become. what were you inking? a lot of people would say, takeo the car and let me live. but you decided to confront these thugs.and >> you know, i have a ring, obviously in a lot of my neighborceivs are getting ringsl i received that notificationse just like every day i receive notifications of everybody else telling their story or postinghr their way about incidents, crimes going on in the and neighborhood, the area.t. i'm looking close to the map to see if it is closejust to me ant it's not, but it happened to b e that night. that was a situation i ran into. >> laura: so you were parked outside and are they alreadyan n the car and that is you running to tackle them. are you armed in that? it looks like you are. >> no, i'm not armed. s >> laura: oh, you are not. >> like i said, i was in bed when i receive that notification. within a couple of seconds, i was downstairs outside.t i slammed my front door as i was going out and a

the bought the technician out to jason. tequisha knows that the know before the end, suddenly present proceeded with the price increase the the phone calls. so mr. smith know for us, cuz i saw a phone call from mr. salon of businesses use. they submitted knoxville, they said it was 15 years and i see is the only time you have them for you to enjoy all the seals warehouses. we want to shorten the spirit of your hands. if we send you the push through from signing this, the only went to this account, they receive a send you to give you a sense of 2020 to somebody. so the see is still in getting on that document wasn't great signed, but every minute stone, it's in about additional the minutes for border security. you're in order to hold the mill tracts and sizes and to deploy a c s d or security emission. uh, have you seen armenia is the fact that everyone, including jeremy in bremond is to assigned is the kind of consensus, nipple which was a weight. and then it was said that there was no consensus. and the consensus in their meeting in community society was the region. some of those have come up and then those are the canadians and all the members of na

smith: outreach, yep. i did not study at both. david: even just attending the two for a day tells you of your skills here. [laughter] why don't we take the first two questions here? jason: thank you. jason davidson from the university and the atlantic council. last week, the secretary-general confirmed that the washington summit the allies will put forth its first southern flank strategy. some people would look at that and say well, the alliance center had a problem on it eastern flake, but why is it messing around on the southern flight? can you say anything about the alliance and why the united states should care about the alliance and what you would like to see at the strategy at the washington summit? david: great, and we will take one behind you. >> thank you for an interesting discussion and the recent deployment of sanctions. i was wondering, when you came to the point of sanctions' effectiveness, actually when you talked about sanctions' effectiveness, it came to my mind, and we do research also come on how effective sanctions are, because russia is evading sanctions with the use of many, many countries, like central asia, china, you know, and what are the phil