Inhofe Praises Senate Tax Reform Plan

U.S. Sen. Jim Inhofe (R-Okla.) praised the introduction of the Senate Finance Committee’s tax reform proposalSenator Inhofe has been working with the Committee to ensure Oklahomans will benefit from the historic tax reform legislation.

“Simply put, tax reform will be a win for Oklahomans because it will foster economic growth. Everyone wants to keep more of their hard-earned money, and this bill will cut taxes for the typical American family by nearly $1500. It will make the tax code work for families by doubling the standard deduction, increasing the child tax credit and simplifying the process of filing taxes.

“The tax reform plan will also unlock the economic potential of our state and nation by lowering taxes on businesses—especially small businesses. By protecting the oil and gas industry’s percentage depletion and intangible drilling cost provisions, the tax reform plan recognizes the important role of key industries in Oklahoma that create jobs and invest in our state.”

“I look forward to working with President Trump, Chairman Hatch and my colleagues in the Senate as we work to grow wages and increase the economic opportunity for all Americans through tax reform.”

Full bill and summary available here.

Key Provisions: 

  • Doubles the standard deduction to $12,000 for individuals and $24,000 for married couples
  • Increases the child tax credit to $1,650 and substantially lifts existing income caps
  • Maintains the mortgage interest deduction and the adoption tax credit, a tax credit that Sen. Inhofe worked to preserve 
  • Doubles the exemption on the death tax
  • Permanently lowers the corporate tax rate, giving businesses the opportunity to plan far into the future and strategically grow investments in our communities
  • Allows for full business expensing for five years