JUST IN: Lankford Breaks Down Tax and Energy Wins in The One Big Beautiful Bill on Fox Business
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Treasury Secretary Bessent touts ‘full expensing’ in One Big Beautiful Bill: “Incredibly Important”
WASHINGTON, DC — Senator James Lankford (R-OK), a member of the Senate Finance Committee, joined Mornings with Maria today to discuss the looming Schumer shutdown, the permanent full expensing provision he championed in the One Big Beautiful Bill, and restoring American energy dominance.
Excerpts:
On The Appropriations Process:
“Chuck Schumer did not bring up any appropriation bills last year at all. So we’re functioning under a Continuing Resolution. We are still under the Biden budget at this point. We absolutely need to get onto a Trump budget and to be able to work our way through this process on it.”
“We’ve got to get this one passed. And 11 more and try to get these done as quickly as we possibly can.”
“We cannot get a good read on the Schumer [S]hutdown that’s impending at this point. He continues to be able to talk about he’s not going to help. He’s not going to engage…. Going to prevent his members.”
“We continue to be able to work through the rescission process in appropriations. So for us, this is a way to strategically reduce spending and to be more specific about the things that need to get done than what happened under the Biden administration.”
On Full Expensing:
“You know I think it’ll [full-expensing] be incredibly important. Economists left and right all understand that full expensing…has a huge economic benefit.”
“This is something I have fought for for [sic] years. I was able to get [it] into the one big, beautiful bill with my portion, what’s called the ALIGN Act.”
“This is now permanent tax policy which gives businesses an opportunity to be able to plan two years from now, three years from now, and to be able to make sure that their capital is aligned to the growth of their company, not just how they’re going to pay their taxes.”
On Domestic Energy Production:
“This is all about American jobs and American production for energy. We need energy. We need oil and gas. That’s a part of our economy…. Whether it’s in moving trucks and cars…. We’ve got to be able to have oil and gas production.”
“They [Biden administration] put a new tax on them, saying if you produce oil and gas, then you can’t write off these expenses like every other manufacturer can. I was able to pull that right back out and say oil and gas production should be treated the same as any other manufacturer.”
“They [oil and gas producers] get to write their capital costs off the same as any other manufacturer does. So treat them equal. This provides an opportunity for more domestic drilling. That’s more jobs. That’s lower prices for Americans.”
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