Senator Markwayne Mullin said the U.S. economy is moving “in the right direction,” crediting President Donald Trump with rapid gains during his first 11 months back in office and pointing to what he described as the largest tax cut in American history set to take effect on January 1.

Speaking in an interview clip aired by ABC News, Mullin said the administration has made “a lot of gains in a very short time,” highlighting a sharp decline in inflation, which he said has fallen from 9.1 percent during the Biden administration to roughly 2.7 percent. He added that lower inflation has helped ease energy prices and everyday consumer costs for Americans.

Mullin tied the economic improvement to the passage of the “One Big Beautiful Bill,” a sweeping tax package approved by Congress in June 2025. The legislation extends and expands elements of the 2017 tax reforms, including permanent increases to the standard deduction and household tax relief rebates of up to $2,000.

According to Mullin, the tax cuts are aimed primarily at middle-class families and are designed to lock in long-term economic stability while boosting consumer confidence. He emphasized that the full impact of the bill will begin to be felt in early 2026.

Republican lawmakers have framed the legislation as a cornerstone of President Trump’s economic agenda, arguing it strengthens growth, encourages investment, and delivers tangible financial relief to working Americans as inflation continues to moderate.