Washington, D.C. – Congressman Frank Lucas (OK-3) today voted to pass the Tax Cuts and Jobs Act, legislation that amends the Internal Revenue Code to lower taxes rates and adjust various tax credits and deductions for businesses and individuals. The legislation will now be sent to President Trump for final approval. Upon passage of the bill, Congressman Lucas issued the following statement:

“Today Congress has approved a sweeping reform to our nation’s tax code – something that has only happened twice since WWII. The Tax Cuts and Jobs Act will allow American families to keep more of their hard-earned dollars to put toward priorities such as saving for their children’s education, purchasing a new home, or investing for the future.”

“By lowering rates and making it easier for companies to bring home foreign earnings, this bill will level the playing field for American workers and businesses who are competing with folks from around the world. The legislation will also encourage capital reinvestment and new job hiring across several industries. Energy firms drilling for oil in Western Oklahoma or an ag producer purchasing a better tractor to more efficiently raise wheat are just a couple examples of how reforming our nation’s tax code can generate renewed economic growth her at home.”

“Overhauling our tax code to broaden out the base, simplify the rules, and lower rates is an enormous undertaking, and I am proud to join my colleagues today to deliver much-needed relief to American taxpayers.”

Tax Cuts and Jobs Act Highlights

·         Lowers individual taxes and sets rates at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37%

·         Roughly doubles standard deduction to $12,000 and $24,000 for individual and joint filers

·         Doubles the Child Tax Credit to $2,000

·         Lowers corporate rate to 21% from 35%