Washington, DC – September 28, 2018….Congressman Steve Womack (AR-3) released the below statement regarding the House passage of the Tax Reform 2.o package, which includes the Protecting Family and Small Business Tax Cuts of 2018 (H.R. 6760), Family Savings Act of 2018 (H.R. 6757), and American Innovation Act of 2018 (H.R. 6756). The legislation makes tax-cuts for middle-class families and small businesses permanent to ensure that hardworking Americans continue to benefit from our new tax code for generations to come. It also includes provisions to expand retirement savings options and boost our innovation economy. Tax Reform 2.0 is the next step in the GOP’s pro-growth agenda, which has already increased job opportunities, boosted wages, and made American business more competitive.
“Since tax reform was implemented, we have seen historic economic growth and opportunity in Arkansas and across the country. Unemployment is at its lowest in decades, job opportunities are at a record high, American workers are seeing wages rise, and families are keeping more of their hard-earned money.
“These results have been felt firsthand in our state. Families in my district are seeing their taxes go down and local businesses are increasing their wages, providing additional bonuses, creating more good-paying jobs, and enhancing benefits.
“Today we are building on this progress by making the tax cuts for middle-class families and small businesses permanent. We are also expanding access to new retirement plans and allowing entrepreneurs to deduct more of their startup costs to help Americans save for their futures and build their own businesses.
“These bills mean bigger paychecks, a stronger economy, and better futures for Arkansans. Thanks to pro-growth policies like the ones we passed this week, middle-class families and small businesses are finally seeing the American dream in reach again.”
Congressman Steve Womack (AR-3) 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. Additionally, he co-chairs the Joint Select Committee on Budget and Appropriations Process Reform.