Thune: Small Businesses Are the Backbone of Our Economy
“We want to give small businesses certainty by making these pro-growth tax policies permanent.”
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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, this is Small Business Week.
“A time to celebrate the entrepreneurs and innovators in our communities.
“The farmers and ranchers.
“The sons and daughters carrying on the family business.
“These hardworking Americans are the backbone of our economy – and a sign that the American Dream is alive and working.
“Mr. President, small business is a big deal.
“And the Trump administration and Republicans in Congress are working hard to deliver for America’s small business owners.
“One of our top priorities this year is making the 2017 Tax Cuts and Jobs Act permanent.
“TCJA did a lot for small businesses.
“Lower tax rates, the 199A small business deduction, and bonus depreciation and other investment incentives lowered small businesses’ tax burden and encouraged them to invest in themselves, hire more workers, and, in turn, grow our economy.
“And that’s what happened.
“After the Tax Cuts and Jobs Act passed we saw businesses buying new equipment.
“They hired new workers.
“Paychecks got bigger.
“It was good for small business, good for American workers, and it led to a very strong economy before the pandemic.
“But Mr. President, many of the law’s provisions are expiring at the end of this year.
“And if we don’t extend the Tax Cuts and Jobs Act, small businesses will face a $600 billion tax hike in 2026.
“Republicans do not intend to let that happen.
“But we don’t just want to extend the TCJA’s provisions.
“We want to give small businesses certainty by making these pro-growth tax policies permanent.
“Because permanence will encourage long-term investment.
“It will encourage growth.
“And it will maximize our economy’s potential.
“According to one estimate, making the 199A deduction permanent would lead to 1.2 million more jobs per year.
“And that number would grow larger as the years go on.
“And that’s just one pro-growth, pro-small business provision in the law.
“Mr. President, in addition to making the Tax Cuts and Jobs Act permanent, President Trump has also prioritized restoring American manufacturing.
“The tax code is a key part of that.
“Investment incentives like bonus depreciation help manufacturers purchase the latest technology and grow their workforce with good-paying jobs for the American people.
“And more manufacturing – more businesses and jobs here in America – grows our tax base.
“And that means more revenue – revenue that we get the right way – which is with a bigger and stronger economy, not bigger tax bills.
“Mr. President, we have an opportunity to help turn the page on the Biden economy and set up our country for long-term economic strength.
“And we can do that by delivering on the president’s tax priorities and making his first-term tax success permanent.
“Mr. President, another one of our small-business priorities is regulatory relief.
“When I meet with South Dakota business owners, I often tell them to let me know how we can help, even if sometimes that means getting out of the way.
“And often that’s what the government needs to do: get out of the way.
“And that’s what we’ve been trying to do this year.
“Congress has blocked a number of burdensome Biden-era regulations through the Congressional Review Act.
“And we have more Congressional Review Act measures planned for this week.
“For example, we’ve passed resolutions blocking Biden administration rules on commercial refrigerators and freezers and walk-in coolers.
“These are rules that would have driven up costs and reduced choices for small businesses.
“One standard had a payback period, if you can get this, of 90 years – meaning a small business would start saving money almost a century after purchasing an appliance.
“Mr. President, that’s absurd.
“And it’s just one example of the regulatory burdens Congress is working to lift off of the backs of small business owners.
“The Trump administration is also working overtime to rescind a host of bad Biden-era rules that would place heavy burdens on small businesses.
“Farmers, ranchers, and landowners will be pleased to know that the EPA has initiated a more collaborative process with stakeholders as it considers an alternative to the Biden administration’s WOTUS rule – or Water[s] of the United States.
“And the administration and Congress have been working to repeal anti-energy Biden regulations and unleash American energy dominance to ensure we have an affordable and reliable energy supply for years to come.
“Mr. President, strong small businesses mean a strong America.
“I’ll always be grateful for the lessons I learned getting my start working in small businesses.
“During the summers, my parents, who were educators, ran a motel in my hometown of Murdo.
“And as is common in a lot of small businesses, the whole family helped out.
“Later on, my first job was as a busboy at the Star Family Restaurant.
“I later graduated to a cook.
“I learned a lot there, including what it took to keep the business running day to day and week to week.
“Mr. President, small business owners work hard in pursuit of their dream.
“They create opportunity and jobs.
“And they bear the heavy responsibility that comes with signing the front of a paycheck.
“I know that small businesses have been facing a number of challenges lately.
“And my aim is always to do everything I can to help.
“And I look forward to continuing to work with my Republican colleagues here in the Senate to support and strengthen small businesses.
“Because when small businesses succeed, Mr. President, we all succeed.”
Related Issues: Taxes, Small Business
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