Matt Dempsey Matt_Dempsey@epw.senate.gov (202) 224-9797
David Lungren David_Lungren@epw.senate.gov (202) 224-5642
INHOFE JOINS BIPARTISAN EFFORT TO MOVE TAX CUT BILL FORWARD
WASHINGTON, D.C. – U.S. Sen. Jim Inhofe (R-Okla.) yesterday joined a large bipartisan group of Senators in favor of moving the Tax Cut bill forward in the Senate. In an 83-15 vote that was completed last night, the Senate cleared a major procedural hurdle that opens the way to extend the Bush Tax Cuts as well as other tax benefits.
“Let’s be perfectly clear what this bill does,” Inhofe said. “It extends the current-law tax rates, which are set to expire on January 1. If we fail to act, every American would immediately be faced with a smaller paycheck as higher rates kick in. Now is not the time to play politics with the taxpayer’s wallet or decide our vote based on how the political winds are blowing. Failure to act would cost every Oklahoman an average of at least $2,800 over the course of the year. That is simply unacceptable. We must not fail to extend tax rates, especially in a very weak economy. For those who are worried about the deficit, I would point out that we don’t have a revenue problem. We have a spending problem. Not passing this measure will cost Oklahoma thousands of jobs, increase individual income taxes by $4.4 billion, and decrease per household disposable income—the exact opposite of what we need right now.”
Inhofe continued, “This bill is not perfect. I do have concerns with some aspects of this bill such as the unpaid-for extension of unemployment insurance and the ethanol tax credits. During the next Congress, I will continue to work with my colleagues on both sides of the aisle to properly address the ethanol mandates. At the same time, these provisions make up a very small percentage of the overall measure. The personal and business tax related provisions such as extending the Bush tax cuts, keeping the lower tax rate on capital gains, extending important tax benefits for marginal well producers and providing accelerated depreciation for capital assets throughout the vast majority of Oklahoma make up 94 percent of this measure.”The Senate’s final passage of the tax cut bill is expected this week.