Representative Tom Cole logo

Economy & Small Business

A healthy economy is the key to a prosperous America. When I travel across the Fourth District of Oklahoma, I am always inspired by the entrepreneurial spirit and can-do attitude of Oklahoma workers and our small businesses, which employ more than half of our state’s workforce.

The COVID-19 pandemic and continuing inflation crisis have taken their toll on millions of Americans. Due to inflation, Americans paid $5,200 more in 2022 for the same goods in 2021. Savings are being depleted, and borrowing has reached its highest level since the 2008 Financial Crisis.

As your member of Congress, I will support policies that strengthen the American economy and support American businesses, especially our small businesses. It is important to maintain a tax code that supports innovation and entrepreneurship. We must also rein in the Biden Administration’s excessive government spending and misguided policies, which instigated our present inflation crisis and threaten to drive our economy into a painful recession. Additionally, we must address the main drivers of our national debt. If left unchecked, our national debt will threaten America’s economic future with higher interest payments, increased risk of financial crises, higher taxes, and a lower standard of living for future generations.

More on Economy & Small Business

Cole Comments on Tribal Trade and Investment Legislation
July 23, 2012
Press Release

WASHINGTON, D.C. - U.S. Congressman Tom Cole (OK-4) released the following statement after the House vote on H.R. 2362 - the Indian Tribal Trade and Investment Demonstration Project Act, which he authored. This legislation would eliminate red tape in the tribal leasing process to facilitate U.S. trade with international partners and help economic development on tribal land. Capitalizing on the interest overseas companies have shown in working with Indian tribes, H.R.

Issues: Economy & Small Business Tribal Relations
Cole Calls for Sequestration Transparency
July 18, 2012
Speech

WASHINGTON, D.C. – Rep. Tom Cole (OK-04) made the following remarks on the House floor in support of H.R. 5872, the Sequestration Transparency Act of 2012. The legislation would require the president to submit to Congress a detailed report on how his administration plans to implement the sequestration spending cuts set to begin in 2013.

Issues: Economy & Small Business
Cole Applauds Passage of Sequestration Transparency Act
July 18, 2012
Press Release

WASHINGTON, D.C. - U.S. Congressman Tom Cole (OK-4) released the following statement after the bipartisan passage of H.R. 5872, the Sequestration Transparency Act of 2012. The legislation would require the president to submit to Congress a detailed report on how his administration plans to implement the sequestration spending cuts set to begin in 2013.

"There is strong bipartisan agreement that the sequester is a terrible policy that should not be allowed to happen. These automatic, arbitrary cuts could cost Oklahoma's economy up to 16,000 jobs and $630 million.

Issues: Economy & Small Business
Cole Statement on Obama Tax Hike Proposal
July 9, 2012
Press Release

WASHINGTON, D.C. - U.S. Congressman Tom Cole (OK-4) released the following statement after President Obama announced his plan to raise taxes for families and businesses earning more than $250,000 per year. According to analysis by the Joint Committee on Taxation, the tax increases would hit 53 percent of small business income. House Republicans will vote before August to extend tax relief for all tax brackets.

Issues: Economy & Small Business
Tax Hikes Would Lead to Recession
July 9, 2012
Weekly Columns

The Supreme Court decision on Obamacare paved the way for $675 billion in new taxes over the next decade. But that's just the tip of the iceberg. Unless Congress takes action, tax rates for all tax brackets will increase on January 1, 2013.

Federal Reserve Chairman Ben Bernanke refers to the looming tax hike deadline as a "fiscal cliff" while the media coined the term "Taxmageddon" to describe the magnitude of the economic disruption that will occur if the current tax rates are not renewed.

Issues: Economy & Small Business
"Affordable Care Act" Anything but Affordable
July 2, 2012
Weekly Columns

"We do not consider whether the Act embodies sound policies. That judgment is entrusted to the Nation's elected leaders."

Issues: Economy & Small Business
Cole Comments on Senate Vote to End Taxpayer Funding of Conventions
June 25, 2012
Press Release

WASHINGTON, D.C. - U.S. Congressman Tom Cole (OK-4) released the following statement after the Senate on Thursday voted 95-4 in favor of an amendment prohibiting taxpayer funding of political conventions. The amendment to the farm bill, sponsored by Sen. Tom Coburn, is based on legislation Cole and Coburn each introduced earlier this month. Cole has introduced similar legislation in 2009 and 2011.

Issues: Economy & Small Business
End Taxpayer Funding for Political Conventions
June 18, 2012
Weekly Columns

Ronald Reagan's famous statement that "a government bureau is the nearest thing to eternal life we'll ever see on this Earth" remains frustratingly true. Although Congress has finally begun to cut billions in recognition of the growing threat posed by the massive national debt, many spending programs persist for no justifiable reason. So many budget items continue to be funded due to sheer inertia or political self-interest -- not because they successfully fulfill a worthwhile government function.

Issues: Economy & Small Business
America at Fiscal Crossroads
June 11, 2012
Weekly Columns

Month after month, Americans continue to be pummeled with bad economic news. The dismal employment reports and sobering economic outlooks released in the past few days maintain the unfortunate trend.

Issues: Economy & Small Business
Cole Moves to End Taxpayer Funding of Presidential Conventions
June 7, 2012
Press Release

WASHINGTON, D.C. – Congressman Tom Cole (OK-04) today introduced H.R. 5912, legislation to terminate taxpayer financing of party conventions. Since 1976, over $220 million of taxpayer funds have been spent on presidential nominating conventions for such expenses as make-up artists, political consulting fees, gift bags, banners and more.

Issues: Economy & Small Business