Westerman on Passage of Tax Relief: “Exactly What the American People Have Asked For”
WASHINGTON – Congressman Bruce Westerman (AR-04) issued the following statement upon passage Thursday (November 16) of H.R. 1, the Tax Cuts and Jobs Act:
“Today, the House of Representatives passed tax relief for hardworking Americans,” Westerman said. “This legislation is exactly what the American people have asked for – lower and simpler taxes. For the nearly 80 percent of Americans earning up to $50,000 who claim the standard deduction, that amount will double putting more money in bank accounts. That is more money available for a child’s college tuition, car repairs, home renovations, or simply shoring up savings. We do this while closing loopholes and encouraging businesses to return investment to American shores, creating jobs and providing more opportunity for all. Now it is the Senate’s job to pass this bill and put real tax relief on the President’s desk.”
The Tax Cuts and Jobs Act (according to the House Committee on Ways and Means):
- Lowers tax rates for everyday Americans;
- Increases the standard tax deduction;
- Eliminates special-interest deductions and closes loopholes;
- Repeals the death tax;
- Reduces the tax rate on job creators;
- Stops American jobs from moving overseas; and
- Preserves the home mortgage interest deduction.
A study from the Tax Foundation said the Tax Cuts and Jobs Act would create 7,556 new full-time jobs in Arkansas and increase median household incomes in the Natural State by $1,744 per year.