Here's U.S. Senator James Lankford (R-OK) with his take on Senate passage of the 'One Big Beautiful Bill':
Lankford Secures Major Wins for Oklahoma Families, Energy Producers, and Small Businesses in One Big Beautiful Bill
WASHINGTON, DC (July 1st) — US Senator James Lankford (R-OK), a member of the Senate Finance and Homeland Security Committees, released the following statement after the passage of the One Big Beautiful Bill, which delivers the largest tax cut in history for hardworking Americans, secures the border, strengthens Medicaid program integrity, and rebuilds the military, all while cutting out-of-control spending.
“This is a big, beautiful win for Oklahoma families, workers, seniors, and small businesses,” said Lankford. “This bill halts the largest tax increase in history, secures the border, and contains the most significant entitlement reform in years. I fought to make sure Oklahoma values were reflected in this package – protecting charitable giving, supporting energy jobs, and making it easier for businesses to grow and hire American workers.”
Lankford secured key wins in the One Big Beautiful Bill to support Oklahoma families, job creators, and charitable giving.
He secured the charitable deduction for non-itemizers, allowing couples to deduct up to $2,000 in donations. This will help more Americans support local churches, charities, and non-profits.
Lankford also led the repeal of the Biden administration’s tax penalty on oil and gas producers by restoring key investment deductions. This will allow energy producers to reinvest, create jobs, and keep energy prices stable.
He also worked to make full, immediate expensing permanent so businesses can deduct the full cost of equipment and technology up front. This will drive expansion, innovation, and job creation across Oklahoma.
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Background
Lankford has been outspoken on what it would have meant for Oklahomans if the One Big Beautiful Bill hadn’t passed the Senate and if President Trump’s 2017 Tax Cuts expire:
- A staggering 63,000 jobs were projected to be lost.
- The average Oklahoma family faced a $2,013 tax increase.
- Nearly 449,000 households would have seen their child tax credit reduced by 50%.
- Over 233,000 small business owners would have been hit with significant tax hikes.
- More than 1.5 million families would have had their standard deduction cut in half.
To read more about how this bill helps families, seniors, the vulnerable and disabled, farmers and ranchers, small businesses, as well as strengthens our national defenses, unleashes American energy, and secures the border, see below:
How this bill helps families
- This bill delivers the largest tax cut in history, which will result in higher wages and higher take home pay. This is also the most substantial entitlement reform in years, which will help our safety net programs stay viable for those in need.
- The average family will save about $5,000 in additional taxes next year.
- There will be no tax on tips, an increased standard deduction for seniors, no tax on overtime, and a tax break for those who buy new cars made in America.
- This bill will also give families $2,200 per child up to 16 years old every year. It will also create a savings account for every child born between 2025 and the end of 2028 – each account would start with a $1,000 deposit that parents can invest for their kids, giving kids a financial boost from birth.
- In Oklahoma, the long-run wage increase is projected to go from $4,800 to $9,100 according to the Council of Economic Advisers.
- In Oklahoma, the take-home pay increase for a family of four is projected to go from $6,500 to $10,800 according to the Council of Economic Advisers.
- This bill also expands the adoption tax credit and indexes it for inflation. It also allows for tribal governments to decide when a child qualifies as having special needs to extra help under the credit. When adoption can cause as much as $60,000, this tax credit will make it easier for families to welcome a child in need into their lives and homes.
- Police officers, firefighters, truckers, linemen, and others who work overtime will take home an average of more than $1,300 a year because of the no tax on overtime in this bill.
- Those who buy a new American-made car will be able to write off some of the interest from their car loan, which will help families and American manufacturing.
How this bill helps seniors
- Seniors who make less than $75,000 as an individual or a couple who makes less than $150,000 will see a $6,000 increase in their standard deduction regardless of whether they are receiving Social Security yet or not.
How this bill helps vulnerable and disabled patients
- This bill is good news for vulnerable and disabled patients because it protects the aged, blind, and disabled from changes to Medicaid. It also blocks Biden’s nursing home staffing mandate that threatened rural care facilities, it boosts physician payments to offset cuts that the Biden administration had implemented, and it ensures continued access to care and incentivizes innovation, especially for those with rare diseases or who need access to telehealth options. It also prohibits tax dollars from going to Planned Parenthood through Medicaid.
How this bill helps farmers and ranchers
- This bill delivers wins for rural America by expanding the farm safety net, strengthening crop insurance, and supporting agricultural trade. The bill also restores accountability in nutrition programs and ensures food assistance serves Americans in need, not illegal immigrants.
- This bill would keep two million family farms safe from the death tax by making permanent death tax exemptions from the 2017 Trump Tax Cuts and Jobs Act.
How this bill incentivizes giving to charity
- Sen. Lankford was proud to lead on restoring a tax deduction for non-itemizers – up to $2,000 per couple – which will help more Americans support charities, houses of worship, and non-profits, especially those that serve the most vulnerable.
How this bill helps energy production
- Sen. Lankford also led a repeal of the Biden administration’s unfair tax penalty on oil and gas producers by restoring key investment deductions, which will allow domestic energy producers to reinvest, create jobs, and keep energy costs stable.
How this bill helps businesses
- Sen. Lankford worked to make full, immediate expensing permanent, so businesses can deduct investments like equipment and technology up front, which will help fuel job creation and business expansion.
How this bill cracks down on illegal immigration
- This bill devotes $160 billion to hire more Border Patrol Agents, more ICE officers, and to finish the border wall and invest in technology to secure the border.
How this bill helps our air traffic control system
- The bill invests $12.5 billion to modernize America’s air traffic control system, by replacing outdated equipment, upgrading safety infrastructure, and expanding controller training so we continue to have the safest skies in the world.
How this bill strengthens our national defense
- This bill provides $150 billion to strengthen our military, rebuild our defense industrial base, and support border security missions. It also funds the Golden Dome initiative, boosts efforts to counter China, improves the quality of life for our servicemembers, invests in the tools needed to improve Pentagon accountability and delivers a clean audit.
