Thune: Working Families Tax Cuts Invests in American Workers

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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, before I begin, I want to mention how pleased we are to be able to welcome King Charles and Queen Camilla to the Capitol today. “The special relationship between our two nations has been a long and fruitful one. “And I think it’s fair to say that over the course of our nation’s history, we’ve had no closer ally than Great Britain. “We’ve stood together in war and in peace, and together opposed the enemies of the free world. “And I am confident that we will continue to stand together for centuries to come. “Mr. President, this week is National Apprenticeship Week. “This week we celebrate the pathways that apprenticeships provide for many Americans to attain their American Dream. “To find a good-paying job and to do meaningful work. “Mr. President, working in the trades or in manufacturing is indeed meaningful work. “No matter how far technology advances, we are still going to need builders, doers, and makers. “To my knowledge, there’s no artificial intelligence that can climb an electric pole. “There’s no chatbot … that can fix a toilet. “And there’s no app that will install your home’s HVAC system. “Skilled jobs are in-demand jobs, and they’re going to be in demand for a long time to come. “And we need to invest in and support the next generation of skilled professionals. “Mr. President, that’s one of the things that Republicans did last year in the Working Families Tax Cuts bill. “That landmark piece of legislation made a significant investment in American workers – starting with investing in the education and training programs that support skilled jobs. “Mr. President, for decades now the 529 education savings plan has been a powerful tool for parents to save for their kids’ education. “At first, 529s could only be used for college. “But in 2017, Republicans expanded the eligible uses of 529 plans to include K-12 expenses as well. “And in last year’s Working Families Tax Cuts, Republicans expanded 529s again and gave Americans flexibility to use their savings for vocational and continuing education programs as well. “On top of that, we doubled the withdrawal limit to $20,000 per year, giving Americans even greater flexibility to choose a program that suits their needs and their dreams. “Mr. President, the expansion of 529s complements the creation of new Trump accounts in the Working Families Tax Cuts. “Trump accounts provide parents with another option to invest in their children’s future. “And the money in those accounts can be used for education, to buy a first home, or to start a business when a child reaches adulthood. “They’re just one more way to give the next generation a head start on their American Dream. “And speaking of creating options and opportunity, Mr. President, beginning this summer, Americans will be able to take advantage of the new Workforce Pell program enacted, created by the Working Families Tax Cuts. “Mr. President, most people are probably familiar with the traditional Pell grant program. “Pell grants offer need-based financial aid for students in undergraduate degree programs. “And until now, they’ve generally been limited to students in those programs. “Workforce Pell will provide financial assistance to Americans in shorter-term skills and career-training programs. “It will help workers pursuing skills for in-demand jobs at various stages of their careers. “And it will be available to those just joining the workforce, those looking to grow and advance in their careers, and those who may be looking to switch careers, even if they’ve already earned a bachelor’s degree. “And this innovative new program will help grow the workforce for a number of important jobs. “Careers in health care like phlebotomy and paramedicine. “Truck driving. “Child care. “Welding. “And numerous other skilled professions that provide pathways to success. “Mr. President, in addition to supporting the education needed for more Americans to pursue careers in the trades and in manufacturing, the Working Families Tax Cuts also supports their success once they’re in those jobs. “The pro-worker and pro-growth tax policy in the bill allows American workers to keep more of their hard-earned money and supports the small business growth, job growth, and entrepreneurship that mean more opportunities for Americans to get ahead. “The Working Families Tax Cuts made lower tax rates permanent, which means bigger paychecks and bigger refunds for hardworking Americans. “And then there’s no tax on overtime, which allows workers to keep more of the money they earn when they spend extra hours on the job. “It’s not uncommon for workers in manufacturing and the trades to put in more than 40 hours a week. “So no tax on overtime is going to deliver significant tax savings to many of these Americans. “And then there are the pro-growth tax policies in this bill, like permanently lower tax rates for small businesses. “The 199A small business deduction is also now a permanent feature of America’s tax code, and allows small businesses, farms, and ranches to reduce their tax burden and invest more in their operations and in their employees. “And then there’s full expensing for new equipment, which is now permanent thanks to this bill and supports businesses upgrading and replacing machinery and other equipment that’s essential to their work. “This landmark bill also allows for full expensing of new factories and factory improvements. “And we’ve seen a number of manufacturing investments being made across the United States since this bill passed last year. “Mr. President, one of the pillars of the Working Families Tax Cuts is providing Americans with more opportunities to get ahead. “And everything I’ve mentioned this morning is about cultivating opportunity – whether it’s investing in education, supporting good-paying jobs, encouraging entrepreneurship, and promoting an economic environment where businesses can grow and create those good-paying jobs. “Mr. President, that’s what the Working Families Tax Cuts is all about. “And this story is only just beginning to be written.”