Tax Reform: A Christmas Gift to Oklahomans

By Markwayne Mullin

 

This week, the House and Senate delivered a gift to the American people— just in time for Christmas. Congress passed a historic overhaul of our nation’s tax code by way of the Tax Cuts and Jobs Act. This Christmas, Oklahomans should be excited that four out of every five taxpayers are going to get a tax cut come the new year, according to the Tax Policy Center. The Tax Cuts and Jobs Act roughly doubles the standard deduction and allows individuals to deduct the first $12,000 of their salary from their taxes.

Married couples who file jointly are eligible to claim the first $24,000 taxfree under the standard deduction. By increasing the child tax credit to $2,000 and maintaining the adoption tax credit, we’re encouraging families to grow—not discouraging people from having kids or adopting

 

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