Senator Lankford on Avoiding Tax Increases and Stimulating the Economy

Impending Tax Rate Increases

• ⚠️ Currently, all tax rates in America are scheduled to increase on January 1st of next year.
• 💡 This proposed increase will affect every single American, not just billionaires and millionaires, potentially costing the average family an additional $4,000 annually.
• 🎯 The primary legislative goal is to keep current tax rates the same to prevent this impending doom for families and small businesses.

Making Tax Changes Permanent

• ⏳ A key objective is to make the current tax rates permanent, removing the uncertainty of future congressional changes.
• 🗓️ This would prevent the recurring issue of tax rates changing due to calendar shifts or short-term legislative decisions.

Full Expensing for Businesses

• 📈 Full expensing allows businesses to deduct the full cost of capital equipment in the year it's purchased, rather than over several years.
• 🚀 This policy is intended to encourage businesses to invest in new equipment, boosting productivity, efficiency, and job creation.
• 🌐 It stimulates the economy by increasing sales for equipment manufacturers and keeping economic activity rolling.

Supporting Nonprofits

• 💰 The 2017 tax bill doubled the standard deduction, but inadvertently made nonprofit donations non-deductible for most Americans.
• 📉 This has resulted in an estimated $20 billion less in giving to nonprofits since the change, impacting essential services for the hungry, homeless, and vulnerable.
• ✅ The proposal aims to reinstate the tax deductibility of nonprofit donations for all Americans to incentivize charitable giving and support the social safety net.

Opportunities for Tax Reform

• 🗣️ Senator Lankford emphasizes that now is the time for individuals and businesses to bring forward ideas and concerns regarding tax code issues.
• 🧩 Various tax aspects, including those for oil and gas (IDCs), nonprofits, and full expensing, are currently under review and discussion.