Lankford: One Year Later, the Working Families Tax Cuts Are Delivering for Oklahomans

OKLAHOMA CITY, OK -US Senator James Lankford (R-OK) today marked one year since the Senate passed the Working Families Tax Cuts Act, reflecting on the law's impact on Oklahoma families, businesses, and communities.

"One year later, we're seeing the Working Families Tax Cuts Act deliver real results for Oklahomans," said Lankford. "Families are keeping more of what they earn, businesses have the certainty to invest and create jobs, energy producers are no longer burdened by an unfair tax penalty, and more Americans are able to support the charities and houses of worship that strengthen their communities. These policies are strengthening Oklahoma's economy and supporting the people who make our state strong. We're already seeing these policies make a real difference for families, strengthen our economy, secure our border, support American energy, and give businesses the confidence to invest and grow."

Background

One year ago today, the Senate passed the Working Families Tax Cuts Act, preventing the largest tax hike in American history while delivering tax relief, securing the border, strengthening Medicaid program integrity, rebuilding the military, and cutting out-of-control spending.

Lankford secured several key priorities in the legislation, including authoring the permanent full, immediate expensing provision, allowing businesses to deduct the full cost of equipment and technology up front; securing the charitable deduction for non-itemizers, allowing couples to deduct up to $2,000 in donations; and leading the repeal of the Biden administration's tax penalty on oil and gas producers by restoring key investment deductions.

For Oklahoma, the legislation prevented an average $2,013 tax increase for families, protected more than 233,000 small businesses from higher taxes, preserved the child tax credit for nearly 449,000 households, and maintained the standard deduction for more than 1.5 million Oklahoma families.

Lankford recently visited B&H Construction to hear firsthand how the permanent full expensing provision he authored is helping Oklahoma businesses invest and grow. You can watch the videoHERE and download itHERE.

For a full breakdown of the Working Families Tax Cuts Act, including how it helps families, seniors, farmers and ranchers, energy producers, small businesses, strengthens our national defense, and secures the border, you can find more information HERE and HERE.

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