“For the First Time in a Generation, the American People Will See Real, Tangible Tax Relief,” Westerman says

December 19, 2017
Press Release

WASHINGTON – Congressman Bruce Westerman (AR-04) issued the following statement Tuesday (December 19) upon House passage of the conference report on H.R. 1, the Tax Cuts and Jobs Act:

“Tax relief for hardworking Americans is long overdue,” Westerman said. “Passage of the Tax Cuts and Jobs Act will benefit Arkansas families by nearly doubling the standard deduction, doubling the child tax credit, and maintaining tax credits for parents who adopt.  It will benefit entrepreneurs by lowering taxes on small businesses and maintaining the federal Historic Tax Credit for the rehabilitation of older, historic buildings. This legislation will put money back in the pockets of Arkansans, drive economic development on Main Streets across the Fourth Congressional District, and support families. For the first time in a generation, the American people will see real, tangible tax relief – something I was proud to deliver for the people of the Fourth District.”

According to the Tax Foundation, the following provisions are included in the final version of the Tax Cuts and Jobs Act:[i]

  • “Increases the standard deduction to $12,000 for single filers, $18,000 for heads of household, and $24,000 for joint filers, while eliminating the additional standard deduction and the personal exemption. Provisions sunset at the end of 2025.”
  • “Increases the child tax credit to $2,000. Of this, $1,400 would be refundable, with the refundable portion indexed to inflation. All dependents ineligible for the child tax credit are eligible for a new $500 per-person family tax credit. Provisions begin to phase out at $400,000 ($200,000 for single filers). Social Security Numbers required for portions of the above. All provisions sunset at the end of 2025.”
  • “Adopts a 20 percent deduction for pass-through income, limited to the greater of (a) 50 percent of wage income or (b) 25 percent of wage income plus 2.5 percent of the cost of tangible depreciable property for qualifying businesses, including publicly traded partnerships but not including certain service providers. Limitations (both caps and exclusions) do not apply for those with incomes below $315,000 (joint), and phase out over a $100,000 range.”