Historic Tax Reform Bill Passes the House
Congressman French Hill (AR-02) issued the following statement after supporting the Tax Cuts and Jobs Act, which passed the House:
"We achieved a major victory today by passing comprehensive tax reform in the House to help create new jobs, bring jobs back home, and let Americans keep more of their hard-earned money. Washington's tax system has been broken for far too long and the system has been punishing Arkansans and Americans, keeping us from getting ahead and tapping into our full potential.
"Today's historic vote was about helping Arkansans have better opportunities to succeed and live out their dreams. Under this legislation, hardworking Arkansas families will be able to keep an additional $2,020 of their income and provide Arkansans with 8,277 new full-time jobs according to the Tax Foundation. The U.S. Chamber of Commerce found that in Arkansas's Second District 52,530 taxpayers claim the child tax credit, which will increase from $1,000 to $1,600 per child. For our entrepreneurs and small business owners, this bill creates small business tax rates of no more than 25 percent - the lowest tax rate on small businesses since World War II. This is a significant reduction from today's rates, which will help our Central Arkansas job creators grow and expand their businesses. And, for the over 6,000 taxpayers in my district who are negatively impacted by the Alternative Minimum Tax, this bill eliminates it.
"In addition, by lowering our corporate tax rates, more money will be flowing into our country with businesses returning home -- creating even more jobs in our state and country.
"Families deserve a simple and fair tax system -- one that promotes new and better paying jobs. I look forward to working with my Senate colleagues to give hardworking Arkansans and Americans hope and relief with a tax code that they deserve."