U.S. Sen. Jim Inhofe (R-Okla.), a member of the Senate Committee on Small Business, voted in favor of the Tax Cuts and Jobs Act, the first comprehensive tax reform legislation in 30 years:
“This is the biggest tax cut in history and it will cause dramatic economic growth for years to come. Oklahomans have been struggling for eight years under a sluggish economy, stagnant wages and non-existent job growth. Our tax cut supports families by doubling the child tax credit and the standard deduction, while maintaining provisions families rely on, like the adoption tax credit, the charitable giving deduction and the mortgage deduction. The typical American family will see a tax cut of approximately $2,200, plus unprecedented economic growth and job creation.
“We’ve made doing businesses in the United States competitive again, so companies are no longer encouraged to move American jobs overseas. Economists from around the country predict this bill will further increase our nation’s GDP by a full percentage point—which will lead to $2.9 trillion in revenue that will address the deficit. We’re already seeing how President Trump is growing the economy by cutting regulations—this tax cut will only do more to drive the engine of the American economy to new heights and benefit hardworking families.
“I look forward to working with President Trump and my colleagues as we continue to fight for what Oklahoma families want—to keep more of their hard earned dollars.”