March 04,2025

Crapo Applauds President’s Vision for Restoring Economic Opportunity

Washington D.C.--U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) issued the following statement after President Donald Trump’s Joint Address to Congress.

“Tonight, President Trump detailed his early accomplishments and outlined an ambitious agenda.  In just a few short weeks, this Administration has taken great strides to correct course from the last four years by securing our homeland, re-establishing American strength, unleashing American energy and boldly addressing the size and scope of the federal government in an historically transparent fashion. 

“Looking forward, one of the President’s top priorities this year--which I share as Chairman of the Senate Finance Committee--is to prevent an over-$4 trillion tax hike on American workers and businesses by permanently extending and building on his signature tax bill from 2017, the Tax Cuts and Jobs Act.

“If President Trump’s tax cuts are not renewed before the end of this year, average American families will be hit with thousands of dollars in tax increases, millions of small business owners will see their tax rates skyrocket, and millions of jobs will be in jeopardy.  Idahoans alone will see their taxes go up by an average of $2,554 in 2026.  Working class Americans have the most on the line, as the majority of the tax cut’s expiration would fall on those making less than $400,000 per year. 

“The President has been clear: we must permanently extend the Trump Tax Cuts and prevent a massive tax hike on American workers, families and small businesses.

“Americans across the board benefited from a roaring economy in the wake of President Trump’s 2017 tax cuts.  Workers got ahead as household incomes increased and every demographic benefitted from a strong labor market.  The unemployment rate plummeted to the lowest levels in 50 years and the largest wage increases were seen by the lowest-earning workers.  Business investment increased productivity and innovation, bringing companies back home and making the U.S. economy the envy of the world.

“Extending this current, proven tax policy--and building upon it--is the best way to restore economic prosperity and opportunity for Idaho’s hardworking families, many still struggling to recover from the historic inflation of the last four years.

“Failure to extend the Trump tax cuts is simply not an option.  I am committed to working with the Administration and congressional leadership to make these tax cuts permanent and provide relief and certainty to families and businesses across America.”