Rep. Adam Smith: Tax Reform Bill Could Hamper Defense Buildup

Adam Smith

Rep. Adam Smith (D-Washing), ranking member of the House Armed Services Committee, has said he believes the passage of a tax reform bill does not bode well for future efforts to advance a military buildup and increase defense spending, SpaceNews reported Wednesday.

“I think this tax cut passed today means there is not going to be any significant increases in any spending,” Smith told the publication.

“Even if you repeal the Budget Control Act, which I think we have to do, you then have to live with a more finite world of resources,” he added.

Congress on Wednesday passed the tax reform measure that would authorize a 20 percent cut on business income and reduce corporate tax rate from 35 percent to 21 percent.

The legislation is also expected to contribute $1.5 trillion to the $20 trillion national debt over the next decade.

You may also be interested in...

COVID-19 Testing

DoD Awards Siemens Healthineers Contract to Support COVID-19 Testing

The Department of Defense (DoD), in coordination with the Biomedical Advanced Research and Development Authority (BARDA) within the Department of Health and Human Services (HHS), has awarded a $12.38 million contract to Siemens Healthineers, the department reported on Thursday. BARDA funded the award through the Health Care Enhancement Act to support domestic industrial base expansion for critical medical resources.

Leave a Reply

Your email address will not be published. Required fields are marked *