Thune: Senate Republicans’ Reconciliation Bill Will Make America Stronger
“It’s going to be a great bill … And it’s going to help produce a stronger and a more secure America.”
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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, one of Republicans’ biggest priorities this year is extending the tax relief we passed in 2017 and preventing a massive tax hike on hardworking Americans.
“We took a big step forward before Easter with passage of a budget resolution necessary for a final bill.
“And we are rapidly moving toward final bill text.
“And Senate Republicans held hours of great discussions today to hammer out a number of details.
“Mr. President, the issue before us is simple – if we don’t act, Americans making less than $400,000 will face a $2.6 trillion tax hike next year.
“2.6 trillion.
“Small businesses will face a $600 billion tax hike.
“Republicans do not intend to let that happen.
“We are going to extend the tax relief we passed during President Trump’s first administration, starting with the lower individual rates that put more money in Americans’ pockets and eased the burden on small businesses.
“I say extend – but in fact, Mr. President, we intend to make that tax relief permanent.
“Hardworking Americans should not have to worry about tax hikes every few years.
“And small businesses need tax certainty for long-term planning.
“And so, Mr. President, we are committed to not only extending the lower individual rates we passed in 2017, but to making them permanent.
“We’re also committed to making other small business tax relief from the Tax Cuts and Jobs Act permanent, like bonus depreciation and the Section 199A deduction.
“The National Federation of Independent Business reports that making the small-business Section 199A deduction permanent would result in the creation of an additional 1.2 million jobs annually, with that number climbing as the law goes on.
“And the Tax Foundation reports that long-run GDP would increase by a substantial 1.1 percent.
“That means more jobs and more opportunities for American workers.
“It also means an increase in federal revenues – but an increase in federal revenues the right way: by growing and expanding the economy, not raising taxes.
“Mr. President, ensuring permanent tax relief for hardworking Americans and small businesses will be a substantial part of the final bill.
“But that’s not all that will be included.
“We will also be focusing on some of the other challenges our country has faced over the past four years – a dangerous border crisis, deficiencies in our military readiness, and Biden administration policies that threatened to weaken our already shaky electric grid and jeopardize our nation’s energy supply.
“President Trump has already made tremendous progress on securing the border and deporting criminals here illegally, but we need to dedicate additional resources to border security to secure those gains for the long term.
“And so the final bill that we pass will include a transformational investment in securing our borders, including things like additional detention space, more Border Patrol and Immigration and Customs Enforcement agents, and additional barriers and technology.
“We’ll also make a transformational investment in our military readiness, to address deficiencies and ensure that we are equipped to deter and defeat any threat.
“And we will implement policies to unleash American energy production to ensure a secure, stable, and affordable energy supply for the long term.
“Finally, we will take a hard look at how we spend taxpayer dollars and implement savings measures to put our country on a more fiscally sustainable path.
“It’s going to be a great bill, Mr. President.
“And it’s going to help produce a stronger and a more secure America.”
Related Issues: Small Business, Taxes, Budget
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