Republican Rep. Jason Smith says a $78 BILLION tax bill will appear in the House of Representatives ‘this week’ and dismisses GOP claims that ‘distractors’ are unhappy with the deal

Top Republican Jason Smith said he expects a $78 billion bipartisan tax bill to advance in the House of Representatives this week and receive a “very high vote,” despite the bill drawing criticism from some of his fellow Republicans.

The powerful Missouri congressman appeared on CNBC’s Squawk Box to tout the sweeping legislation that he claims includes pro-growth, pro-worker tax policies that support American families and small businesses.

“I expect it will be this week,” Smith said of anticipating a vote in the House of Representatives. “I expect this to happen in the coming days.”

The Tax Relief for American Families and Workers Act is a bipartisan deal between Smith and Democratic Senate Finance Committee Chairman Ron Wyden. It passed earlier this month by the House Ways and Means Committee, which Smith chairs, with bipartisan support of 40-3.

But some Republican lawmakers have raised concerns about its provisions, or lack thereof, as the proposal heads toward a vote in the full House. Speaker Mike Johnson has not yet publicly commented on a timeline for bringing the bill to the floor in final passage.

Senate Finance Committee Chairman Ron Wyden worked on the bipartisan tax deal with Smith

White House Press Secretary Karine Jean-Pierre speaks from the White House podium

The legislation restores and expands a number of tax provisions included in the Republican tax law passed under President Trump in 2017, such as allowing companies to immediately depreciate investments in new equipment and machinery, as well as research and development expenditures Pull.

It too provides tax credits for natural disasters, including hurricanes, floods and wildfires.

At the same time, it temporarily expands access to the Child Tax Credit (CTC) by adjusting the amount that can be refunded and the base amount for inflation. That means more low-income families could receive the full credit as a tax refund, a top priority for Democrats.

Some tax experts have criticized the deal, noting that the provisions are temporary and that the research and development investments will be applied retroactively. The Joint Committee on Taxation estimates that the legislation will be revenue neutral in ten years.

A report from the conservative Heritage Foundation calls some provisions beneficial to businesses, but notes that most are temporary, while labeling the legislation as an “extension of prosperity.”

Some Republicans in the House of Representatives have rejected the bipartisan deal. Several GOP lawmakers in blue states, including New York, have raised concerns that the agreement does not increase the cap on state and local taxes, or SALT deductions, a top priority for them since the 2017 tax law was passed.

Smith expects the bipartisan tax bill could be sent to the House of Representatives for a vote ‘this week’

Smith pushed back on Republican opposition to the deal on Tuesday, saying “those are just distractions.” There were 171 Republicans at the conference who asked for the provision in the bill.

“The speaker’s office was involved in our negotiations for months,” Smith said. “He was very aware of everything that was happening.”

Smith believes it will pass if it is brought up with “the largest number of votes of any tax package in recent history.”

Speaker Mike Johnson said Monday that the $78 billion bill would likely come to the floor under a suspension of rules, but he did not indicate exactly when that would happen.

He reportedly said it wasn’t a perfect bill, but said it had a lot of “great policies in it.”

The White House has also expressed support for the bipartisan legislation and urged Congress to pass it.

White House Press Secretary Karine Jean-Pierre called the agreement “a welcome step forward.”