WASHINGTON, D.C. – The U.S. Chamber of Commerce released a fact sheet today, showing the positive impact of the Tax Cuts & Jobs Act on Louisiana’s third congressional district. The Chamber notes that the bill helps in “achieving faster economic growth, encouraging job creation, and getting more money in Americans’ pockets each year.”
According to the report, the Tax Cuts & Jobs Act will:
- Lead to the creation of 975,000 jobs nationwide and 13,293 jobs in Louisiana.
- Raise after-tax income for middle-class families by $2,598 nationwide and by $1,857 in Louisiana.
The report also notes that 58,964 taxpayers in Louisiana’s third congressional district claim the child tax credit. These families will benefit from an enhanced credit, up from $1,000 per child to $1,600.
More than 58,000 taxpayers in Louisiana’s third congressional district who operate small businesses will benefit from lower tax rates for net business income across all earning levels.
Congressman Higgins issued the following statement:
“This is tax relief for all Americans. We are greatly simplifying the tax code. We’re broadening the tax base, and we’re lowering the tax burden across every income level. This plan is going to ignite our economy. It’s going to create American jobs and result in greater take-home pay for American families. Hundreds of independent groups such as the U.S. Chamber of Commerce have endorsed this plan, and the data is confirming what we’ve known for months, that major tax reform will grow the economy and help working Americans.”