WASHINGTON, D.C. - House Republicans introduced their highly anticipated tax reform plan on Thursday.
They claim it will benefit middle class earners and help job-creation, allowing businesses to compete globally.
House Speaker Paul Ryan said the bill would double the standard deductions for both individuals and married couples.
It will also cut the corporate tax rate to 20 percent from the current 35 percent, allowing businesses to stay in the United States.
The bill would also eliminate the estate tax, also known as the "death tax," after six years.
"We want to increase economic growth, create more jobs and create higher wages for people," says Rep. French Hill (R-Arkansas, District 2). "I think we'll see more economic growth as a result of this bill and it's not going to be a major contributor to the budget deficit."
Not discussed at a news conference announcing the tax plan was how the bill would affect revenue collected by the government and also federal deficits. That part of the equation has led to concerns from fellow Republicans in the Senate.
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