AR HCR1001

The Arkansas General Assembly urges Congress to permanently extend the Tax Cuts and Jobs Act of 2017 with commensurate spending cuts to avoid increasing federal debt.

The resolution claims the 2017 tax cuts generated a $1.5 trillion net tax cut, followed by historically low unemployment rates, increased business investment, and a $6,000 increase in real median household income over two years.

Twenty-three provisions of the 2017 tax cuts relating to individual income taxes, including reductions in personal income tax rates, near doubling of the standard deduction, and reduction of the Alternative Minimum Tax, expire after December 31, 2025.

The resolution contends that allowing the tax cuts to expire would result in a massive tax increase on American taxpayers, decline in competitiveness, fewer jobs, reduced wages, and higher prices.

The 2017 tax cuts reduced the corporate tax rate from 35 percent to 21 percent and set a $10,000 annual cap on state and local tax (SALT) deductions.