Thune: Republicans’ Bill to Deliver Big Wins for South Dakota
“I’m looking forward to finishing our work and getting these policies in place for the benefit of South Dakota and of our entire country.”
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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):
“Madam President, we are getting closer to passing a bill that will help make America stronger and more prosperous –
“A bill that will ensure that working families can keep more of their hard-earned money.
“That will help small businesses grow and create jobs.
“Strengthen America’s farms and ranches.
“Rebuild our military.
“Secure our border.
“And, of course, unleash American energy.
“Madam President, this bill is great news for our entire country – for Americans from every place and walk of life.
“But today I want to talk about how this bill will help make my home state of South Dakota stronger and more prosperous.
“That starts with making tax relief permanent.
“[The] 2017 Republican-led Tax Cuts and Jobs Act meant lower tax bills for South Dakotans.
“That bill lowered tax rates for every income bracket, doubled the child tax credit, and nearly doubled the standard deduction.
“But those tax policies are set to expire, Madam President, this year if Congress doesn’t act, which would mean an average South Dakotan would see a $2,500 tax hike next year.
“We’re not going to let that happen.
“Our bill will extend the Tax Cuts and Jobs Act’s lower tax rates.
“It will extend the doubled child tax credit.
“It will extend the nearly doubled standard deduction.
“But not just extend them, Madam President.
“Make them permanent, so that no hardworking American has to worry about a looming tax hike again a few years down the road.
“I said we’re going to make the $2,000 child tax credit permanent.
“But we’re actually going to go even further, by increasing the child tax credit by another $200.
“Under Republicans’ bill, the child tax credit will now be $2,200 per child – permanently.
“Madam President, we’re also delivering on a number of the president’s campaign promises that will provide further relief to hardworking Americans.
“Under our bill, seniors will be able to reduce their taxes further with a $6,000 boost to their standard deduction.
“Police officers, firefighters, and hourly workers won’t have to pay tax on their overtime pay.
“Waitresses and busboys will benefit from no tax on tips.
“And the next generation will be able to access new investment accounts as adults that they can use for their education, to buy their first home, to start a business… in short, to get a running start on their American dream.
“Madam President, I could go on.
“But the bottom line is this: a bigger bottom line for hardworking Americans for the long term.
“More money in their paychecks.
“More opportunity.
“And a brighter future ahead.
“Madam President, the 2017 tax reform also helped grow our economy by lifting the tax burden on American businesses.
“Small businesses, farms, and ranches all benefited from lower tax rates and investment incentives.
“Tax reform freed up cash that business owners could use to invest in their operations and their workers.
“And South Dakotans saw those benefits on Main Street and on the farms and ranches that are the lifeblood of our state.
“Now Republicans are poised to make many of those reforms permanent.
“That includes investment incentives like full expensing for new equipment and for domestic research and development.
“It includes the job-creating 199A small business deduction.
“And it includes raising the death tax exemption to 15 million and linking it to inflation – meaning countless family farms, ranches, and small businesses will be spared the threat of this fundamentally flawed tax and the headaches that come with trying to plan for it.
“And speaking of farms and ranches, Madam President.
“In addition to providing farmers and ranchers with tax relief, our bill updates the farm safety net to address some of the challenges farmers and ranchers have been facing.
“It increases reference prices for every covered commodity and makes these prices more responsive to market conditions in coming years.
“It increases crop insurance coverage and affordability, including for farmers just starting out.
“It supports livestock producers by making existing programs more responsive to drought and by funding prevention of animal diseases that can devastate livestock.
“It invests in critical conservation programs, including programs that support South Dakota’s wild bird populations.
“And it supports a bright future for agriculture by funding grants for research at agriculture research institutions and promoting trade for commodities in foreign markets.
“Madam President, America’s farmers and ranchers have faced some serious challenges in recent years.
“Some of the toughest, in fact, in recent memory.
“I’m proud that we are addressing their needs in this bill.
“And I can assure America’s ag producers that their priorities will continue to be a priority here in Washington.
“Madam President, there’s a lot more I could say about this bill and how it will help South Dakota and our entire country.
“But before I close, I want to focus on how it will make America more secure.
“It makes a down payment on strengthening our military by investing in the equipment our men and women in uniform need to keep America safe amid today’s threats – and tomorrow’s.
“And that includes expediting production of the new B-21 long-range strategic bomber – the future backbone of the Air Force’s bomber fleet.
“In the coming years, the B-21s will operate from several locations, including South Dakota’s Ellsworth Air Force Base, and it is emblematic of the type of investments this bill is making in our military’s future.
“This bill also makes a significant investment in our border security, including finishing the border wall.
“And, last but not least, it unleashes American energy.
“It reverses course from the Biden administration’s hostility to responsible conventional energy production.
“And it will help guarantee a secure, stable, and affordable energy supply for American families and businesses and for our national security.
“Madam President, a safer, stronger, and more prosperous America is within reach.
“We’ve made a lot of progress on this bill, and it’s almost time to vote.
“And I’m looking forward to finishing our work and getting these policies in place for the benefit of South Dakota and of our entire country.”
Related Issues: Budget
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