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Mullin Votes to Simplify Tax Code for Oklahoma Families & Small Businesses

Congressman Markwayne Mullin (OK-2) released the following statement after the House passed H.R. 1, the Tax Cuts and Jobs Act:

“Americans deserve to keep more of their paycheck in their own pocket, instead of sending it to Washington, D.C. to be spent hastily by federal bureaucrats,” said Mullin.  “The Tax Cuts and Jobs Act puts over $2,200 back in the pockets of Oklahoma’s hardworking, middle-class families so they can decide for themselves where to spend more of their hard-earned dollars.  The Tax Cuts and Jobs Act also simplifies the process, so that filing taxes is as easy as filling out a form the size of a postcard.”

“As a former small business owner, I understand firsthand how burdensome the current tax code is on Main Street,” said Mullin.  “The Tax Cuts and Jobs Act delivers relief to mom-and-pop shops in our communities so that they can hire more individuals, grow their business, and invest more in our local economy.”

H.R. 1, the Tax Cuts and Jobs Act, passed the U.S. House of Representative by a vote of 227 - 205.

The Tax Cuts and Jobs Act keeps the following deductions and tax credits:

  • Adoption Tax Credit
  • Earned Income Tax Credit
  • Child and Dependent Care Tax Credit
  • Expands the Child Tax Credit by establishing a Family Credit
  • Deduction for charitable contributions
  • Home Mortgage and Interest Deduction
  • State and Local Property Taxes (Up to $10,000)
  • 401K and IRA Options

The Tax Cuts and Jobs Act repeals the following deductions and tax credits:

  • Alternative Minimum Tax
  • Death Tax
  • Special Interest Deductions that increase and complicate tax rates

Read H.R. 1, the Tax Cuts and Jobs Act, in its entirety at this link.

See what the postcard to file your taxes looks like by clicking on this link.  

Learn what you need to know and get answers to your questions in a summary of the Tax Cuts and Jobs Act at this link.

Want to see how the tax bill affects you? Click here. 

Are you a small business owner and want to see how the tax bill affects your business? Click here.

Still want to know more? Head over to FairandSimple.GOP to learn more. 

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