Dear Friends,
For the first time in over three decades, Congress, led by Representative Kevin Brady (R-TX), delivered comprehensive tax reform to Arkansans and Americans. This will create new jobs, bring jobs back home, and let people keep more of their hard-earned dollars. The Tax Cuts and Jobs Act streamlines the tax filing process, doubles the child tax credit, doubles the standard deduction – all of which means that Arkansas families will be able to keep more of what they earn and decide for themselves how they will spend it to support the dreams of their children and grandchildren.
This week, I was pleased to see Entergy Arkansas commit to lowering utility rates for hardworking Arkansans as a direct result of the House’s tax reform that passed in December. They stated that there will be approximately $466 million dollars in benefits for hardworking individuals and families in Arkansas. Entergy estimates that a typical family will save $20 per month on their electrical bill.
Recently, Conway’s Home Bancshares, Inc. announced that they were giving a $500 bonus to over 800 employees because of the money they have saved thanks to the cut on corporate taxes. Little Rock’s Bank of the Ozarks joined them by announcing bonuses exceeding $1,000 to benefit more than 2,000 employees.
Additionally, Regions Financial Corporation authorized base wage increases to $15 per hour for employees while designating $40 million in charitable donations. When we consider the role of businesses in developing comprehensive tax reform, we not only bolster the economic growth of our communities, we improve the quality of life for so many hard-working Arkansans. Additionally, businesses of all sizes are going to increase their investments in new equipment to boost productivity.
This tax reform legislation has already been proving beneficial for families and businesses and the extra dollars, which some have criticized as “crumbs,” are already going a long way to help Arkansas families.
We’ve worked hard to bring American families and businesses tax relief for years to come, and with the passing of the Tax Cuts and Jobs Act, we’ve set a foundation for communities across the country to reap the benefits of their hard work and contributions to our nation. These reforms are not only good for families, they’re necessary for economic growth. I look forward to seeing how the results from tax reform will continue to grow economic opportunity for Arkansas and America. If you have a story on how tax reform has benefited you, your family, or business, please share with me here.
It is a privilege to share these updates with you. Thank you for taking time to keep up with the work I'm doing on your behalf.
Sincerely,
Representative French Hill |
