Thune\u2019s remarks below (as delivered):<\/strong><\/p>\n\u201cMr. 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.<\/p>\n
\u201cAnd here\u2019s what they found.<\/p>\n
\u201cAmericans in every county in America will see tax relief from this bill.<\/p>\n
\u201cLet me say that again.<\/p>\n
\u201cAmericans in every county in America will see tax relief from this bill.<\/p>\n
\u201cMr. President, I said this was a new report, but it\u2019s hardly news for Republicans.<\/p>\n
\u201cWe knew what we were doing when we crafted this bill.<\/p>\n
\u201cWe knew that we were enacting tax relief that would benefit people in every corner of this country.<\/p>\n
\u201cWe knew it would benefit people of every income level \u2013 and that the greatest proportional benefit would go to working Americans.<\/p>\n
\u201cThat\u2019s what we did in 2017.<\/p>\n
\u201cIn 2017, we cut taxes for all Americans \u2013 and the greatest proportional benefit went to working Americans.<\/p>\n
\u201cAnd what we did this year with the One Big Beautiful Bill was make that tax relief permanent.<\/p>\n
\u201cNow, hardworking American families can be confident that they won\u2019t see a tax hike next year or in the years to come.<\/p>\n
\u201cAnd they can spend, invest, and save more of their hard-earned money with greater confidence for the future.<\/p>\n
\u201cMr. President, this morning, I want to walk through how working families will benefit from our legislation.<\/p>\n
\u201cThe 2017 Tax Cuts and Jobs Act lowered tax rates for every income level and adjusted tax brackets to provide additional relief.<\/p>\n
\u201cBut those reforms were going to expire this year without action from Congress.<\/p>\n
\u201cWhat 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.<\/p>\n
\u201cNot only that, that family would have lost other benefits like the increased standard deduction and the increased child tax credit.<\/p>\n
\u201cThe standard deduction \u2013 which is something 90 percent of taxpayers in this country use to simplify and reduce their taxes \u2013 would have been cut nearly in half.<\/p>\n
\u201cAnd the child tax credit would have shrunk from $2,000 per child to $1,000 per child.<\/p>\n
\u201cFor people in my state, that would\u2019ve meant paying an average $2,500 more in taxes next year.<\/p>\n
\u201c$2,500.<\/p>\n
\u201cRepublicans were determined not to let that happen.<\/p>\n
\u201cAnd with our bill in July, we locked in the lower tax rates permanently.<\/p>\n
\u201cWe also made permanent the increased child tax credit \u2013 and actually increased it further, to $2,200 per child, and then linked it to inflation so it won\u2019t ever lose its value. <\/p>\n
\u201cAnd then we made the higher standard deduction permanent as well.<\/p>\n
\u201cWe also added a $6,000 bonus deduction for seniors.<\/p>\n
\u201cAnd then we eliminated taxes on tips, something that will benefit millions of Americans who earn part of their income from tips.<\/p>\n
\u201cThat includes servers, busboys, bartenders; Uber, Lyft, and taxi drivers; hairstylists, tour guides, and a whole host of other Americans.<\/p>\n
\u201cWorking people who once dreaded big tax bills on their tips every April are now breathing a little easier.<\/p>\n
\u201cAnd they\u2019re already making plans to save that money, put it toward their schooling, or use it for groceries and other needs of their families.<\/p>\n
\u201cWe also eliminated the tax on overtime pay.<\/p>\n
\u201cThat means that folks like police officers, first responders, and nurses won\u2019t have to pay taxes on the money they earn when they spend time away from their families working extra shifts to keep us safe. <\/p>\n
\u201cIt\u2019s also a boon to Americans who put in overtime working in manufacturing and the trades.<\/p>\n
\u201cHardworking Americans who spend the workday on their feet and take a shower after work, not before.<\/p>\n
\u201cMr. President, all of these reforms make for a tax code that works for working people.<\/p>\n
\u201cThat gives them more breathing room in their budgets.<\/p>\n
\u201cAnd helps them to build a better future for their families.<\/p>\n
\u201cMr. President, I also want to say a word about what this bill does for Americans who work for themselves.<\/p>\n
\u201cFamily-run businesses, farmers, and ranchers \u2013 like the people I represent in South Dakota \u2013 are the backbone of a lot of American communities.<\/p>\n
\u201cThey\u2019re families\u2019 livelihoods.<\/p>\n
\u201cJob creators.<\/p>\n
\u201cAnd part of Americans\u2019 way of life.<\/p>\n
\u201cAnd this bill makes sure our tax code helps them grow.<\/p>\n
\u201cSmall businesses, farms, and ranches will all benefit from the permanent lower tax rates in this bill.<\/p>\n
\u201cThose 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.<\/p>\n
\u201cThese provisions free up cash that will allow family farms and ranches and small businesses to invest in their operations and their workers.<\/p>\n
\u201cAnd then there are the investment incentives this bill makes permanent.<\/p>\n
\u201cBonus depreciation for new equipment \u2013 meaning a farmer can deduct the full cost of a new tractor or combine the year he or she starts using it.<\/p>\n
\u201cA factory owner can deduct the full cost of improving his or her assembly line.<\/p>\n
\u201cA construction company can invest in new vehicles and technology more easily.<\/p>\n
\u201cImmediate expensing for research and development is also now permanent \u2013 a provision that has had a meaningful impact on getting innovative technologies off the ground in South Dakota and around the country. <\/p>\n
\u201cWe 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. <\/p>\n
\u201cIt means Americans who have worked their entire lives building up their dream won\u2019t 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. <\/p>\n
\u201cMr. President, with the working families tax reform Republicans enacted this year, America\u2019s tax code is now permanently oriented toward supporting hardworking Americans.<\/p>\n
\u201cHelping the people who work every day to build a better future for their children.<\/p>\n
\u201cEnsuring that they keep more of their hard-earned money.<\/p>\n
\u201cAnd making America stronger and more prosperous.\u201d<\/p>\n
\t\t\tRelated Issues:<\/p>\n
\t\t\t\t\tOne Big Beautiful Bill<\/a><\/p>\n<\/p>\n","protected":false},"excerpt":{"rendered":"09.09.25 \u201c[W]ith the working families tax reform Republicans enacted this year, America\u2019s tax code is now permanently oriented…\n","protected":false},"author":2,"featured_media":410991,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,1700,141356,141358,8180,141359,54138,141357,16,15,141355],"class_list":{"0":"post-410990","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-john-thune","11":"tag-majority-leader","12":"tag-senate","13":"tag-senate-majority-leader","14":"tag-south-dakota","15":"tag-thune","16":"tag-uk","17":"tag-united-kingdom","18":"tag-us-senate"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115175530665654076","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/410990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=410990"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/410990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/410991"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=410990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=410990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=410990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}