Cole Statement on the Passage of the Tax Cuts and Jobs Act

Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after the House passed H.R. 1, the Tax Cuts and Jobs Act by a vote of 227-205, with Cole's support.

"After 31 years of a broken, complicated tax code, the American taxpayers and businesses will finally see much-needed relief," said Cole. "This is a new system that will incentivize the individual and promote economic growth. I was proud to put my support behind this bill.

"In Oklahoma alone, this new system will help create more than 11,000 jobs and raises the median household income by $2,241. And with incentives like an increased child tax credit and a doubled standard deduction, it will allow for individual prosperity and give American families more opportunities to prepare for life decisions like retirement or home ownership.

"I am very pleased that this bill will also bring American companies back to our shores. By reducing the corporate tax rate, American businesses will flourish within our borders and create thousands of new, well-paying jobs across the country.

"I applaud Speaker Ryan, House Leadership, Chairman Brady and the House Ways & Means Committee for crafting a comprehensive, working tax reform bill that will benefit all Americans and grow our economy, and I look forward to action in the Senate."