The Tax Cuts and Jobs Act is nearly law.
Sen. Jim Inhofe said the tax reform plan passed by Congress Wednesday will be a boon for Oklahomans.
"The average family of four in my state of Oklahoma will get an increase in their take-home pay of $2,000," Inhofe said on the Senate floor in the lead up to votes on the bill.
Inhofe said that boost is largely due to the doubling of the standard deduction and child tax credit. As those and other individual tax benefits in the Tax Cuts and Jobs Act expire, however, the tax cuts for middle-class families will decrease significantly and turn into a tax increase for many people within 10 years.
Corporate, not individual tax cuts, are the lasting provisions of the $1.5 trillionplan. Noted deficit hawk Sen. James Lankford said the changes will spur the economic growth needed to decrease the federal debt.
"This is something that's designed to be able to energize the economy. It should work. A lot of people that we've looked at and examined independently say it will work," Lankford said on "Face the Nation."
The Tax Foundation anticipates a spike in economic growth next year but sees it falling below normal projections by 2026.
A statement from the Tulsa Regional Chamber applauded inclusion of the Historic Tax Credit and renewable production tax credit in the final bill, noting their impact in Oklahoma.
President Trump is expected to sign the legislation, but possibly not until early January.
