ICYMI: Womack Says “Tax Reform is Working”
Washington, June 5, 2018
Tags: Tax Reform
On Tuesday, June 5, 2018, in a speech given on the House Floor, Congressman Steve Womack (AR-3) spoke in support of the recent success of H.R. 1, the Tax Cuts and Jobs Act. H.R. 1 reformed the U.S. tax code for the first time in over three decades, allowing Americans to keep more of their hard-earned money while making businesses competitive with their global counterparts.
“Thank you, I appreciate my friend and colleague from Louisiana [Mr. Johnson] for hosting this very important discussion about the Tax Cuts and Jobs Act, and as has been mentioned many times in the last several presentations, there's no question that the tax reform plan passed in this chamber and in the Senate and signed into law by President Trump is working.
“Because of the Tax Cuts and Jobs Act, the economy is taking a turn for a brighter and much more prosperous future. Americans are getting to keep more of their hard-earned paychecks. More jobs are being created. Wages are on the rise.
“Since tax reform was signed into law, the good news keeps coming for hard-working Americans. American businesses are more empowered to invest in their workforces, expand their operations, and simply, give back to their communities. In fact, more than 500 businesses and counting have increased wages, improved employee benefits, or awarded bonuses.
“In Arkansas, the impact is very tangible. My friend from the Second District, French Hill, talked about what Entergy has been able to do by providing energy customers across our state with $466 million in credits toward the cost of heating and cooling their homes.
“Families in my district, Arkansas's Third, are seeing their taxes go down by nearly $2,000 on average, and Third District companies are benefiting Americans nationwide. My friend from Arkansas, Mr. Crawford, talked about Walmart – Walmart is headquartered in my district – increased its starting hourly wage to $11. For more than 1.5 million U.S. associates, the company expanded parental leave benefits, providing a one-time cash bonus for eligible employees of up to $1,000. It is now empowering its employees to obtain a college education.
“All of this – all of this – made possible by something as simple as allowing companies, businesses, and individuals to keep a little more of their hard-earned money. Tyson Foods in my district, America's market lead for the protein production, headquartered in Springdale, is also using this bill to invest in its people. Tyson Foods provided a one-time bonus to more than 100,000 team members of between $500 and $1,000. You can see, Mr. Speaker, thanks to tax reform, there is indeed a greater optimism about the nation's economic future.
“This fact was confirmed by the Congressional Budget Office in its annual baseline, which echoed this apparent optimism. As a direct result of the Tax Cuts and Jobs Act, CBO expects that employment will rise, wages and income levels will increase, and potential output would grow.
“Now, who can be opposed to that? Even more good news, unemployment as has been mentioned, 18-year low. CBO expects businesses will continue to invest in the economy and, over the next 11 years, create nearly a million new jobs.
“Mr. Speaker, I was a proud supporter of the Tax Cuts and Jobs Act, and I'm proud of the benefits that it has brought to the American people. I look forward to witnessing its long-lasting benefits for America. I yield the floor.”
The full video can be viewed here.
Congressman Steve Womack has represented Arkansas’s Third Congressional District since 2011. He serves as the Chairman of the House Committee on the Budget and is a member of the House Appropriations defense, military construction-veterans affairs, and labor-health and human services subcommittees.