I have been a long-time advocate for lower tax rates that will foster economic growth, allow families to keep more of their hard-earned money and make it easier for Oklahoma's businesses to grow and hire more hard-working people. Last Congress, we passed the first comprehensive tax reform legislation in three decades that enacted my priorities into law.
The historic tax reform cut taxes for the typical American family by an average of $2,000 each year. It also unlocks the economic potential of the United States economy by lowering taxes on businesses—especially small businesses. Additionally it recognizes the important role of key industries in Oklahoma that create jobs and invest in our state, such as the oil and gas industry, by protecting percentage depletion and intangible drilling cost provisions.
Because of historic tax reform, Congress has made doing business in the United States competitive again, so companies are no longer encouraged to move American jobs overseas. President Trump grew economy by cutting regulations and the historic Republican tax cuts have only done more to drive the engine of the American economy to new heights and benefit hardworking families. I remain committed to working to cut regulations and taxes in Congress, even if the Biden administration is not.