Lankford: “A middle-income family in Oklahoma will have an increase in their take-home pay of $2,200”
Excerpts:
Mr. President, we're in the middle of a have very protracted conversation about tax reform. This conversation started in January. I heard people say it was rushed through at the end. It started in January. We're starting into month twelve of this process. There were hearings in the House. There were hearings in the
The focus of this from the beginning, from the very start of it, was two simple things: How can we reduce the rates for individuals so they can keep more of their own money and then spend their own money to stimulate the economy? The second aspect was, how can we simplify the system? There is a lot going on with the back and forth on the final details, but those two things are very clear. This dramatically simplifies the tax structure that we have and it reduces rates for people so that people have more of their own money to be table to spend. Businesses have more of their own money to be able to invest in their business, to pay their workers more, to be able to buy more equipment, and expand their business. That helps everybody in the economy. Whether you save your money, or whether you spend your money, or you're able to keep your own money.
So, here's what this means for hardworking Americans and in particular for my state of hardworking Oklahomans.
Every bracket gets a tax deduction. In fact, the
Let's take a teacher in
This is a process that really does affect real people and it has been lost in all the conversation. It has been interesting to me to hear the debate and all the noise on it. I'm hearing things that I'm calling the 'tax myths' of this bill. The most common one is that it will increase taxes for those in poverty. So, people that are out there saying 'oh my goodness, this is going to increase taxes for those individuals.' It does not. It actually does the exact opposite, not only by reducing rates but increasing the standard deduction, by increasing the child tax credit. It helps people that need help the most.
I have also heard individuals out there in the media say this is going to hurt people because the individual mandate, something unrelated to tax policy entirely, has been snuck into the tax bill. Well, the individual mandate on the Affordable Care Act is a tax policy that was actually added to a health care bill. This is a tax bill dealing with the tax aspect that was snuck into the original Obamacare healthcare bill. How does that work? Well, the individual mandate says if you don't buy the insurance that's approved by the folks in
It also put into an extension of the 529. Many parents set aside a little bit of money every month to go toward the child's college education. This [provision] would allow it to also be used for education that they can use from kindergarten to 12th grade as well as college, increases that opportunity.
What we need is a healthy growing economy. Our economy has been flat for the last eight years, growing at around 2 percent. Historically,
One last interesting conversation. There's been a lot of folks that talked about deficit or debt effects in this bill, to say that this bill could be up to another
I understand it's a risk, but I think it's an appropriate risk to be able to say let's allow Americans to keep more of their own money to invest in this economy on the risk that we grow the economy .2 percent more to be able to break even. I think the American economy can grow much faster than that. She has for decades up until the last decade. Let's get us back to our old normal and allow that to be our new normal. There's a lot of questions on the tax policy, rightfully so. It's important to all of us. Let's get it right and let's keep moving. Over the next couple of weeks, this body along with the House, we'll do a conference committee. It's a back and forth about how do we resolve the differences between the House bill and the
Read this original document at: https://www.lankford.senate.gov/news/press-releases/senator-lankford-touts-benefits-of-the-senate-tax-reform-bill
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