Jim Inhofe: “First of all, Mr. President, as to my very good friend from Virginia--and he is a very good friend--I think he needs to…”

“First of all, Mr. President, as to my very good friend from Virginia--and he is a very good friend--I think he needs to reread this bill. Now, I am older than he is and most of the people around here, but I do remember the Reagan tax cuts. This is a Reagan tax cut. I listened to the other side and a lot of the liberals on the other side, because there is a difference between Democrats and Republicans, and we understand that. But they come out and say: Oh, it is always class warfare. It is always that they are doing this for the rich. The rich are going to get richer. Well, that is not the way this worked out. There is a group called the National Tax Foundation. The National Tax Foundation did an analysis of this, and they did it State by State. In my State of Oklahoma, the average family of four will get an increase in their take-home pay of $2,000. Now, where does it come from? There is the standard deduction, for example. The Senator talked about this being for the rich. This isn't for the rich. The standard deduction actually goes from $6,000 to $12,000. If you are married, it is from $12,000 to $24,000. There is the child tax credit. We are all concerned about the child tax credit. Several Republicans wanted to do even more than that. Right now, as the law is, it is $1,000, but it is going to be increased after this is over, after we vote. After we have a major tax reduction, that child tax credit will go from $1,000 to $2,000 per child. That is a huge thing.…”