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Senator Cites Oklahoma and Kansas as Washington Considers Tax Pl - KOAM TV 7

Senator Cites Oklahoma and Kansas as Washington Considers Tax Plan

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    A Republican U-S Senator from Oklahoma is pointing to the experiences of Oklahoma and Kansas as federal lawmakers consider a new tax plan.
     Oklahoma Sen. James Lankford says GOP leaders are working on a potential revenue "backstop" in case the party's tax cut legislation fails to produce hoped-for levels of growth and tax receipts.
    Lankford said he and other Republicans are working on "just-in-case options" to add to the measure during Senate floor debate this week. He appears to be talking about a mechanism that could automatically force tax rates back up if revenues fall short.
    Lankford cited the experience of states like Oklahoma and Kansas, which are now facing big shortfalls after aggressively cutting taxes. He added that lawmakers "should build in the 'what if?' What if this doesn't work?"
    The Republican tax plan would cut corporate and personal taxes by $1.5 trillion over the coming decade. Lawmakers are working on ways to pay for those cuts.
    President Trump and Senate Republicans are scrambling to change a GOP tax bill in an effort to win over holdout GOP senators and pass a tax package by the end of the year.
    
 

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