October 23, 2019
Today, U.S. Sen. Jim Inhofe (R-Okla.) stood up for the Tax Cuts and Jobs Act of 2017 by voting against the Democrats’ attempt to roll back parts of the first comprehensive tax reform in 30 years.
“The historic tax reforms of 2017 gave Oklahomans and families across the country a tax cut, but Democrats want to dismantle it. Why? High tax, liberal legislators are being forced to realize the consequences of their astronomical state and local property tax rates. Rather than adjust local rates and spending priorities to be competitive with low tax states like Oklahoma, they want yet another giveaway from the federal government—and one that disproportionately benefits the wealthy on the backs of working class families in Oklahoma.
“This is the second effort in as many weeks by the Democrats to repeal effective, positive parts of President Trump and the Republican agenda. It’s sad and revealing that they would rather play games than consider meaningful legislation to ratify modern trade agreements like the USMCA or fund the government and provide for our common defense.”
In May, Inhofe cosponsored S. 1162, a bill which would make individual tax cuts from the 2017 Tax Reform bill permanent, giving Oklahomans long-term certainty in planning for the future.
In April, ahead of Tax Day, Inhofe introduced two bills that will revive and make permanent expired tax provisions, the Indian Lands Accelerated Depreciation provision and the Suspension of Net Income Limitation for Percentage Depletion for Marginal Wells provision. Both provisions would encourage job growth and investment in Oklahoma.
Inhofe praised committee passage of the largest tax cuts in history on December 1, 2017.