Thune: Republicans’ Working Families Tax Cuts Law Is Delivering for Hardworking Americans

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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, a week or two ago I came down to the floor and talked about growing up in a small town in South Dakota. “And as I said in those remarks, I carry those South Dakotans with me in a special way in my work here in Washington. “When I consider bills or look at regulations, I think about what kind of impact they will have on those Americans – on hardworking people without a lot of extra money in the budget. “On people living paycheck-to-paycheck – or, as was the case with some of the farmers I grew up with, harvest-to-harvest. “I think about how to ensure that government isn’t standing in their way – or taking up all the extra money in their budget. “And it was hardworking Americans like the South Dakotans I grew up with who were at the top of my mind when Republicans drafted our landmark tax relief legislation back in 2017. “The Tax Cuts and Jobs Act cut tax rates across the board, doubled the child tax credit, and nearly doubled the standard deduction. “It put more money in hardworking Americans’ pockets: money that they were able to use for their particular needs – from child care to home repairs to medical bills to a family vacation. “And those same hardworking Americans were our focus last year when we passed the Working Families Tax Cuts. “Our first aim with the Working Families Tax Cut was making the 2017 tax relief permanent. “And that’s exactly what we did. “We made the lower tax rates permanent. “We made the increased child tax credit permanent. “And we made the increased standard deduction permanent. “But that was just the beginning. “We weren’t content with a permanent extension of the 2017 tax relief. “We wanted to do more for working families. “And so that’s what we did. “As I said, our 2017 tax relief bill doubled the child tax credit. “Well, the Working Families Tax Cuts not only made that permanent, it increased the child tax credit even further – and then indexed it to inflation, so its value will never go down. “I said the Tax Cuts and Jobs Act nearly doubled the standard deduction. “Well, the Working Families Tax Cuts boosted the standard deduction even further. “And we didn’t stop there. “We instituted two big new tax relief measures – no tax on tips and no tax on overtime. “That meant major new tax relief for a whole host of working Americans. “Waiters. “Delivery people. “Bartenders. “Uber and Lyft drivers. “Nurses. “Factory workers. “Paramedics. “Police officers. “And many others. “And that still isn’t all. “We instituted a new, $6,000 bonus deduction for seniors. “And we created new, tax-advantaged investment accounts to help parents save for their children’s futures – starting with an initial $1,000 investment from the federal government for babies born between 2025 and 2028. “And that’s far from the only thing we did to help the next generation get a head start on their American Dream. “The Working Families Tax Cuts also made some significant improvements to the traditional 529 education savings plan, allowing those savings to be used for a greater variety of education-related expenses – like tutoring or homeschool materials, and vocational and continuing education. “On the higher education side, we implemented accountability and reforms that put downward pressure on the cost of college degrees. “We also made permanent a policy I authored that allows … employers to pay off a portion of their employees’ student loans without the employee having to pay taxes on the repayment amount. “And on top of all that, we created the Workforce Pell program, which will provide financial assistance to Americans in shorter-term skills and career-training programs – whether they’re just starting out, or looking to switch careers or develop new skills in their current field. “Mr. President, this tax season, more than 35 million seniors claimed the new bonus deduction for older Americans. “More than 29 million American workers were able to deduct overtime pay from their taxes, resulting in substantial tax savings. “And more than 7.5 million workers deducted their tips on their taxes, ensuring that they were able to keep more of their hard-earned money. “And that’s not to even mention the countless hardworking Americans who were able to take advantage of the increased standard deduction and the enhanced child tax credit. “Tax refunds were up this tax season, Mr. President. “And it’s no surprise. “It’s the Working Families Tax Cuts at work. “Mr. President, I may live in Sioux Falls now, which is one of South Dakota’s bigger cities, but I still spend a lot of time in small-town South Dakota. “And whenever I’m there, I’m proud to be able to share the details of the Working Families Tax Cuts and report that Republicans are delivering for working families. “And we are going to continue to build on the Working Families Tax Cuts to expand opportunity and make life more affordable for hardworking Americans.”