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Rep. Mullin on WashingtonExaminer.com: It's the end of the tax code as we know it

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Washington, April 17, 2018 | comments

Rep. Mullin: It's the end of the tax code as we know it (and I feel fine)

Washington Examiner
April 17, 2018
https://washex.am/2ER2glH

Tuesday, April 17 is Tax Day. Typically, Tax Day falls on April 15. But since that day fell on a Sunday and the District of Columbia recognizes Emancipation Day on April 16, taxpayers received two extra days to file this year. But that doesn’t relieve many of us from the burdensome feelings of Tax Day. The weeks of preparation leading up to Tax Day are stressful for individuals and for families.

This year, Oklahomans can be glad that this is the last year they will have to file their taxes under the outdated tax code. Starting in 2019, Oklahomans can file their taxes on a simpler form and take advantage of a nearly doubled standard deduction. Families get an increased child tax credit of $2,000. An Oklahoma family in the second congressional district with two kids and an income of $59,155 will receive a $1,643 tax cut on average. An Oklahoman earning $40,770 without kids will receive a $780 tax cut on average.

No one is a better steward of their money than the hardworking people who earn it. The tax reform law will let you keep more money in your pocket so that you get to decide how best to spend it.

In the meantime, Oklahomans are seeing the benefits of tax reform in their paychecks. Since the tax reform bill was signed into law, nine out of 10 workers are likely to see more take-home pay. When the new IRS withholding tables took effect in February, I started hearing from individuals across the state who are receiving more money in their paycheck each month. Kim from McAlester told me her paycheck went up $50 each month because of tax reform. Bobby from Claremore brings in an extra $132 each month and received a $1,000 bonus from his job at American Airlines.

As a business owner, I understand the importance of allowing companies to invest back in their employees and their communities. Across the country our tax reform efforts delivered benefits to millions of hardworking Americans. More than 4 million workers have received more than $4 billion combined in bonuses from U.S. companies, including Walmart, Verizon, Tyson, Lowe's, Bank of America, and more. Penny from Hulbert told me she received a $1,000 bonus from Walmart, where she’s been a loyal employee for more than 23 years. Thanks to tax reform, American-based companies are investing back in the people who matter most: their dependable and hardworking employees.

Tax reform is putting more money in the pockets of Oklahomans, giving the United States economy the jumpstart it needs, and delivering on our promise to hardworking Americans. Alongside my colleagues in the House and Senate, we provided a fairer, simpler tax code that lets taxpayers spend more of their own money, rather than let Washington decide how to spend it. Nancy Pelosi may still be calling tax reform "Armageddon," but I’m grateful that the days of our old tax code are numbered.

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