Lucas Votes to Lower Rates and Simplify Tax Code

Nov 16, 2017

Washington, D.C. – Congressman Frank Lucas (OK-3) today voted to pass H.R. 1, 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. Upon passage of the bill, Congressman Lucas issued the following statement:

“Since World War II, the reform of our country’s tax code has only occurred twice – 1954 and 1986. 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. This tax reform legislation doubles the standard deduction for individuals and joint filers to simplify filing and allow Americans to keep more of their hard-earned dollars. The bill also sets into motion the full repeal of the Estate Tax which will help protect family farms and other capital intensive businesses from onerous tax bills triggered by the death of a family member.

“I am optimistic that simplifying the tax code, broadening the tax base, and cutting rates will energize business growth and job creation here at home. Commonsense tax reform is long overdue and I am proud to join my colleagues to pass this bold plan that will launch our country into a new chapter of prosperity.”

H.R. 1 includes the following reforms to the tax code:

·         Decreases number of tax brackets from seven to four

·         Doubles the standard deduction to $12,000 for single filers and $24,000 for joint filers

·         Expands Child Tax Credit to $1,600

·         Doubles Death Tax exemption and repeals it entirely after seven years

·         Small businesses will be taxed no higher than 25 percent

·         Extends cash accounting for businesses like family farm corporations

·         Allows full cost of new equipment to be written-off immediately

According to the Tax Foundation, middle-income households in Oklahoma will see, on average, $2,241 more in after-tax income, and Oklahoma will add an estimated 11,138 new fulltime jobs as a result of the House-passed tax plan.