Bruce Westerman: “I thank the gentleman from Louisiana for hosting this. Also, it is an honor to follow my three colleagues from Arkansas.…”

“I thank the gentleman from Louisiana for hosting this. Also, it is an honor to follow my three colleagues from Arkansas. Mr. Speaker, I rise today to speak about the benefits of the Tax Cuts and Jobs Act, specifically in the Fourth District of Arkansas. One of the greatest advantages that H.R. 1 provides residents of Arkansas' Fourth District is an increased standard deduction of $12,000 for single filers and $24,000 for joint filers. In my district, 81.5 percent of residents choose the standard deduction when filing their taxes, and they will now be taxed on a smaller portion of their income. In addition, the child tax credit has been doubled to $2,000 and made partially refundable, a boost for low- income families. Those who itemize their deductions will find most of their previous options still available, including the interest deduction for most mortgages, capital gains deductions, and deductions for charitable contributions. An overwhelming number of low- and middle-income Arkansans have benefited from the first major tax reform in 36 years. At the same time, these changes have simplified our complex tax laws and encouraged businesses of all sizes to invest in their communities. {time} 2000 Many have committed to increasing wages, paying bonuses to employees, and reinvesting in American jobs and infrastructure, as my colleagues have previously mentioned.…”