All Oklahoma congressmen vote for tax code reform bill
All members of Oklahoma’s U.S. House delegation voted Thursday in favor of a Republican reform bill that would cut taxes on corporations and individuals but end many deductions.
The House voted 227205 along party lines with all Democrats joining 13 Republicans in opposition. Oklahoma’s five members are all Republicans.
“By taking our country in an entirely different direction through these tax cuts and reforms, we have a chance to restore American prosperity,” said Rep. Steve Russell, of Oklahoma City.
The bill, which amounts to the largest change to America’s tax system in three decades, would cut the corporate tax rate from 35 percent to 20 percent, nearly double the standard deduction for individuals and temporarily increase the child tax credit. It is expected to add $1.5 trillion to the national debt over the next decade.
“By reducing the corporate tax rate, American businesses will flourish within our borders and create thousands of new, well-paying jobs across the country,” said Rep. Tom Cole, of Moore.
The bill also reduces tax rates for small businesses, decreases the number of tax brackets from seven to four, doubles the estate tax exemption and ends the estate tax after seven years.
“Since World War II, the reform of our country’s tax code has only occurred twice — 1954 and 1986,” said Rep. Frank Lucas, of Cheyenne. “Today, it is clear that we must take action to make American businesses and workers more competitive with the rest of the world, as well as to decrease the overwhelming tax burden on American families.”
Reps. Markwayne Mullin, R-Westville, and Jim Bridenstine, R-Tulsa, also voted in favor. Bridenstine typically does not vote because his nomination is pending before the Senate. He has, however, cast votes for tax and budget measures in recent weeks.
The Tax Foundation estimates middle-income households in Oklahoma would see an average income increase of $2,241 after taxes if the House bill became law. The Joint Committee on Taxation, however, estimates that many low- and middleincome families will see a tax increase from the bill over time.
The bill now goes to the Senate, which will not consider it. The Senate is crafting its own bill which, if passed, will need to be reconciled with the House bill by a conference committee and then passed by both chambers.
Passage in the Senate, where a bill is still being crafted, is far from guaranteed. Sen. James Lankford, R-Oklahoma City, has been critical of Senate tax reform efforts that would increase the national debt.