Rep. Russell Statement on Passage of Tax Cuts and Jobs Act
Washington, DC – Rep. Steve Russell (OK-5) today voted for the Tax Cuts and Jobs Act (H.R. 1), the Republican bill for tax reform. In passing this pro-growth, pro-family legislation, House Republicans have taken an important step toward providing necessary tax relief for Americans for the first time since President Reagan’s historic tax reform 31 years ago. According to the nonpartisan Tax Foundation, this bill will cut taxes on typical households by $1,182, raise wages by upwards of $4,000, and create nearly one million full-time jobs. Our nation is ready for tax reform. Congress and the White House are pushing full steam ahead to make the tax code more simple and fair for all Americans.
Included in H.R. 1 is a bill that Rep. Russell introduced last Congress and again in February of this year, the No Tax Subsidies for Stadiums Act (H.R. 811). Rep. Russell’s tax reform bill would prohibit the use of tax-exempt municipal bonds for the construction of stadiums, closing a decades old loophole in the tax code that has cost Americans billions of dollars. Municipal bonds are intended to provide capital for infrastructure such as roads or bridges, yet for more than 30 years stadium financiers have exploited a tax code loophole to build for-profit stadiums on the backs of American taxpayers.
Rep. Russell commented on the passage of the Tax Cuts & Jobs Act, stating: “This legislation lives up to its name- cutting taxes for individuals, families, and businesses while delivering more jobs and higher wages for the American people. It simplifies our broken tax code, preserving the adoption tax credit for middle-income families and encouraging American businesses to bring offshore investments back home. This bill also eliminates wasteful spending by closing loopholes that have been exploited for years; my provision prohibiting the use of tax-exempt bonds for stadium funding is just one example.” said Rep. Russell. “The Tax Cuts & Jobs Act is exactly what our country needs to get back on track. By doing nothing, we will continue to see our economy worsen and trillions added to the deficit. By taking our country in an entirely different direction through these tax cuts and reforms, we have a chance to restore American prosperity.”
Rep. Russell looks forward to Senate Republicans advancing their companion bill so that the unified Republican government can deliver more jobs, fairer taxes, and bigger paychecks for hardworking Americans by the end of the year. To follow the progress of tax reform, sign up to receive text message updates from the House Republican Conference by texting “TAX REFORM” to 50589. Message and data rates may apply.