As the chief tax-writing committee in the House, the Committee on Ways and Means has jurisdiction over all taxation, tariffs, and other revenue-raising measures. It also oversees major entitlement programs like Social Security, Medicare, unemployment benefits, and parts of welfare services.

This joint committee conducts studies and provides recommendations to Congress on the U.S. economy, reviewing economic conditions and advising on policy matters. It holds hearings, issues reports like the annual Joint Economic Report, and analyzes fiscal and monetary policy impacts.