09.09.25
“[W]ith the working families tax reform Republicans enacted this year, America’s tax code is now permanently oriented toward supporting hardworking Americans.”
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WASHINGTON — U.S. Senate Majority Leader John Thune (R-S.D.) today delivered the following remarks on the Senate floor:
Thune’s remarks below (as delivered):
“Mr. President, a new report came out last month detailing who benefits from the working families tax relief that Republicans enacted in the One Big Beautiful Bill.
“And here’s what they found.
“Americans in every county in America will see tax relief from this bill.
“Let me say that again.
“Americans in every county in America will see tax relief from this bill.
“Mr. President, I said this was a new report, but it’s hardly news for Republicans.
“We knew what we were doing when we crafted this bill.
“We knew that we were enacting tax relief that would benefit people in every corner of this country.
“We knew it would benefit people of every income level – and that the greatest proportional benefit would go to working Americans.
“That’s what we did in 2017.
“In 2017, we cut taxes for all Americans – and the greatest proportional benefit went to working Americans.
“And what we did this year with the One Big Beautiful Bill was make that tax relief permanent.
“Now, hardworking American families can be confident that they won’t see a tax hike next year or in the years to come.
“And they can spend, invest, and save more of their hard-earned money with greater confidence for the future.
“Mr. President, this morning, I want to walk through how working families will benefit from our legislation.
“The 2017 Tax Cuts and Jobs Act lowered tax rates for every income level and adjusted tax brackets to provide additional relief.
“But those reforms were going to expire this year without action from Congress.
“What that would have meant is that a typical family earning $80,000 a year would have seen its tax rate jump from 12 percent to 15 percent next year.
“Not only that, that family would have lost other benefits like the increased standard deduction and the increased child tax credit.
“The standard deduction – which is something 90 percent of taxpayers in this country use to simplify and reduce their taxes – would have been cut nearly in half.
“And the child tax credit would have shrunk from $2,000 per child to $1,000 per child.
“For people in my state, that would’ve meant paying an average $2,500 more in taxes next year.
“$2,500.
“Republicans were determined not to let that happen.
“And with our bill in July, we locked in the lower tax rates permanently.
“We also made permanent the increased child tax credit – and actually increased it further, to $2,200 per child, and then linked it to inflation so it won’t ever lose its value.
“And then we made the higher standard deduction permanent as well.
“We also added a $6,000 bonus deduction for seniors.
“And then we eliminated taxes on tips, something that will benefit millions of Americans who earn part of their income from tips.
“That includes servers, busboys, bartenders; Uber, Lyft, and taxi drivers; hairstylists, tour guides, and a whole host of other Americans.
“Working people who once dreaded big tax bills on their tips every April are now breathing a little easier.
“And they’re already making plans to save that money, put it toward their schooling, or use it for groceries and other needs of their families.
“We also eliminated the tax on overtime pay.
“That means that folks like police officers, first responders, and nurses won’t have to pay taxes on the money they earn when they spend time away from their families working extra shifts to keep us safe.
“It’s also a boon to Americans who put in overtime working in manufacturing and the trades.
“Hardworking Americans who spend the workday on their feet and take a shower after work, not before.
“Mr. President, all of these reforms make for a tax code that works for working people.
“That gives them more breathing room in their budgets.
“And helps them to build a better future for their families.
“Mr. President, I also want to say a word about what this bill does for Americans who work for themselves.
“Family-run businesses, farmers, and ranchers – like the people I represent in South Dakota – are the backbone of a lot of American communities.
“They’re families’ livelihoods.
“Job creators.
“And part of Americans’ way of life.
“And this bill makes sure our tax code helps them grow.
“Small businesses, farms, and ranches will all benefit from the permanent lower tax rates in this bill.
“Those that are pass-through businesses will also benefit from the 199A small business deduction, which is also now a permanent fixture of the tax code.
“These provisions free up cash that will allow family farms and ranches and small businesses to invest in their operations and their workers.
“And then there are the investment incentives this bill makes permanent.
“Bonus depreciation for new equipment – meaning a farmer can deduct the full cost of a new tractor or combine the year he or she starts using it.
“A factory owner can deduct the full cost of improving his or her assembly line.
“A construction company can invest in new vehicles and technology more easily.
“Immediate expensing for research and development is also now permanent – a provision that has had a meaningful impact on getting innovative technologies off the ground in South Dakota and around the country.
“We also raised the exemption threshold for the death tax, which means a lot more family businesses, farms, and ranches are protected from this fundamentally flawed tax and the costly estate planning that comes with it.
“It means Americans who have worked their entire lives building up their dream won’t have to worry about that dream being sold off or dismantled to settle a tax bill when they pass it on to the next generation.
“Mr. President, with the working families tax reform Republicans enacted this year, America’s tax code is now permanently oriented toward supporting hardworking Americans.
“Helping the people who work every day to build a better future for their children.
“Ensuring that they keep more of their hard-earned money.
“And making America stronger and more prosperous.”
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