WASHINGTON—U.S. Senator John Boozman (R-AR) released the following statement after Senate passage of budget reconciliation legislation that advances President Trump and Congressional Republicans’ agenda:

“This bill delivers the largest tax cut ever for working and middle-class Americans in addition to letting tipped and hourly workers, seniors and families keep more of their hard-earned income. It also eliminates waste, fraud and abuse so assistance programs can continue to serve the vulnerable, and provides transformational funding for border security, national security and energy security. These policies will help responsibly steward taxpayer dollars and make our nation stronger, safer and more prosperous.” 

Boozman, who serves as Chairman of the Senate Agriculture, Nutrition, and Forestry Committee, also weighed in specifically on the committee-led provisions to deliver permanent tax relief to America’s farmers and invest in rural communities:

“We make commonsense reforms to SNAP to ensure the program operates efficiently, is accountable to the taxpayers and helps those who truly need it. There is also good news for hardworking farmers, ranchers and producers who for too long were forced to operate under outdated policies. Our investments in farm country will support the long-term success of family farms and America’s agriculture industry, providing desperately needed and improved risk management tools as well as a modernized farm safety net.”

Background

The pro-growth legislation extends the Tax Cuts and Jobs Act of 2017, preventing the largest tax hike in history and providing additional tax relief to working families and small businesses. Expiration of these cuts would mean a $4 trillion tax increase, including a $2.6 trillion-plus tax hike on households earning less than $400,000 per year. The average Arkansan would avoid paying $2,325 more in taxes under the Senate-passed bill.

Provisions addressing important tax priorities permanently include:

• Lowering tax rates and removing taxes on tips as well as overtime for millions of workers in addition to a sizable deduction for millions of low- and middle-income seniors;
• Increasing and enhancing the child tax credit and standard deduction claimed by over 90 percent of taxpayers;
• Extending the 20 percent small business deduction and enabling full expensing on capital investment as well as research and development; and
• Keeping the death tax from doubling for farm families and small business owners so they can be passed on to the next generation.