WASHINGTON, D.C. - Reactions were mixed across party lines Saturday as the U.S. Senate passed a tax plan late Friday night.
U.S. Sen. Jim Inhofe (R-Okla.) praised the plan for historic tax cuts.
Inhofe, a member of the Senate Committee on Small Business, voted in favor of the Tax Cuts and Jobs Act, the first comprehensive tax reform legislation in 30 years, saying:
“This is the biggest tax cut in history and it will cause dramatic economic growth for years to come. Oklahomans have been struggling for eight years under a sluggish economy, stagnant wages and non-existent job growth. Our tax cut supports families by doubling the child tax credit and the standard deduction, while maintaining provisions families rely on, like the adoption tax credit, the charitable giving deduction and the mortgage deduction. The typical American family will see a tax cut of approximately $2,200, plus unprecedented economic growth and job creation."
Inhofe went on to say that the tax plan has made doing business in America competitive again.
“So companies are no longer encouraged to move American jobs overseas," he said. "Economists from around the country predict this bill will further increase our nation’s GDP by a full percentage point - which will lead to $2.9 trillion in revenue that will address the deficit. We’re already seeing how President Trump is growing the economy by cutting regulations - this tax cut will only do more to drive the engine of the American economy to new heights and benefit hardworking families."
Inhofe said he looks forward to working with President Trump as the fight goes on for what Oklahoma families want - to keep more of their hard-earned dollars.
On the other side of the aisle, Democratic National Committee Chair Tom Perez was livid and went so far as to say the plan is a "tax scam."
“It is an absolute betrayal of America’s working families," said Perez. "While Senate Republicans allowed virtually no debate or time to even read the hundreds of pages of hastily-drafted, handwritten bill text, they did manage to add dozens of new giveaways to special interest lobbyists. Republicans are unilaterally taking billions of dollars away from the middle class and handing it over to their billionaire donors and wealthy corporations while destroying the future of our economy."
He went on to say that this is the price of Republican leadership.
"A tax plan built on lies and written for the rich, by the rich," Perez called it. "Voters won’t forget this betrayal on Election Day. And as Republicans continue to turn their backs on the people they’re supposed to represent, Democrats will keep fighting to build an economy that works for everyone.”
Local directors also chimed in, backing Oklahoma's U.S. Senators. Mike Neal, president and CEO of the Tulsa Regional Chamber, said:
“We are very pleased to see Congress making continual progress on comprehensive tax reform, and we thank U.S. Senators Jim Inhofe and James Lankford for their hard work on the package passed by the Senate.
“The aims of comprehensive tax reform have been to make the United States more competitive on a global scale, spur economic development, and create jobs across our nation. The Tulsa region has seen substantial growth and investment in recent years, and we are eager for tax reform to help this progress continue.
“The work is not over, however, and we encourage our Oklahoma delegation to continue their important efforts as the House and Senate versions of the bill go to a conference agreement. We also urge legislators to restore and protect the Federal Historic Rehabilitation Tax Credit. This important program has been crucial to many development projects in northeast Oklahoma, and we hope it is retained in the final version of the bill.”
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