Thune: The Working Families Tax Cuts Delivered Major Wins for the American People

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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): “Madam President, we’re approaching one year since the Working Families Tax Cuts became law. “For nearly a year now, the American people have been seeing the benefits of this bill. “From a more secure border to a stronger military. “Larger paychecks and bigger refunds. “Support for farmers and ranchers. “And a lifeline for struggling rural health care providers. “Madam President, for the past year the story of the Working Families Tax Cuts has been unfolding across the country in a number of ways. “And this afternoon, I want to talk about how Republicans’ landmark bill has strengthened our economy and put more money in Americans’ pockets. “Madam President, when this Republican majority took over last year, the American people were reeling from the pain of the Biden economy. “They had suffered through an inflation crisis during which the cost of living increased by more than 20 percent in just a few years. “And without action from Congress, they were looking at a $4 trillion tax hike in the not-too-distant future. “For folks in my home state, that would have meant paying $2,500 more in federal taxes this year. “And that was completely unacceptable to Republicans. “And so we set out to prevent that tax hike. “And not just prevent it, Madam President. “We made our 2017 tax reform permanent so that that tax hike would never come. “And then we provided additional tax relief to lower- and middle-income Americans so that they would be able to keep more of their hard-earned money. “Thanks to the Working Families Tax Cuts, 97 percent of Americans who filed taxes this year got a tax cut. “Let me repeat that, Madam President. “Republicans delivered a tax cut for … 97 percent … of tax filers, collectively saving them $82 billion on their federal taxes just this year. “We made lower tax rates permanent. “Raised the standard deduction and made that permanent as well. “We increased the child tax credit to $2,200 and linked it to the cost of living so that it never loses its value. “Then we created a number of new tax relief provisions. “The new senior deduction helped 35 million Americans over age 65 reduce their tax burden this year. “No tax on tips meant that 7.5 million workers’ income from tips landed in their pockets instead of going to the IRS. “And 29 million workers – from nurses to police officers and factory workers – took advantage of the new overtime deduction. “All told, Madam President, Americans earning between $100,000 and $200,000 last year who took advantage of the new tax relief saw an average tax cut of $1,250. “A bakery owner in Sioux Falls said her head chef got a bigger refund this year, and that she was able to put that extra money toward a crib for her new baby. “And she’s not the only one. “Hardworking people all across the country have additional money to put toward their expenses or their savings thanks to Republican tax relief. “But Madam President, the good news doesn’t stop there. “The Working Families Tax Cuts also delivered meaningful pro-growth tax reforms for America’s small businesses, farms, and ranches, enabling them to invest more in their operations and their employees. “Small businesses have benefited from lower tax rates. “And the 199A small business deduction is now a permanent feature of the tax code. “One agricultural co-op in my state estimates the impact of that one provision helped its co-op members reinvest more than $100 million into our local economy in the last 10 years. “Then there’s 100 percent immediate expensing for new equipment, which allows small businesses, farms, and ranches to deduct the full cost of any new piece of equipment the year they start using it. “The owner of Montgomery’s, a furniture store in Sioux Falls, South Dakota, called bonus depreciation, and I quote, ‘a huge, huge deal’ for his furniture store. “And a car dealer in my state said this provision enabled his business … to build an addition and hire 10 new employees. “And the now-permanent research and development tax credit is making a similar impact on small businesses in my state and on our farm economy. “In fact, our former colleague and neighbor to the north in North Dakota – former Democrat Senator Heidi Heitkamp – has said, and I quote, ‘For many producers and ag-related businesses, this is more than a tax break; this is a real opportunity to reinvest, innovate and stay competitive.’ “She’s right, and the same could be said for a good number of provisions in this bill. “Madam President, I’ve already talked a little about how [the] tax relief we passed benefits farmers and ranchers. “… Although I haven’t mentioned the higher estate tax threshold that protects a lot more family farms and ranches from the death tax – not to mention the costly estate-planning that comes with that unfair tax. “But this bill went further than tax relief. “It strengthened critical programs that producers depend upon. “It raised reference prices for every covered commodity so they more closely reflect the actual market conditions farmers are dealing with. “It bolstered crop insurance. “And it supported livestock producers by making existing programs more responsive to drought. “Madam President, we still have more work to do to strengthen the ag sector, but the Working Families Tax Cuts delivered meaningful relief to farmers after a challenging few years defined by higher input costs, higher interest rates, and natural disasters – all while many farm programs were inadequate to meet the circumstances that farmers were living in. “So helping our ag producers was a priority for Republicans when we came in last year, and it will continue to be a priority for us moving forward. “Madam President, I’ve spent a lot of time this afternoon talking about how Republicans aimed to turn things around with this bill. “And there’s one more thing I want to discuss before I finish. “And that’s rural health care. “Madam President, for all the challenges in health care today, it’s even harder for rural providers. “More than 100 rural hospitals have closed in the last two decades, and doctors in rural areas can be hard to come by. “So last year, in the Working Families Tax Cuts, Republicans did something to address the rural health care crisis. “And in the last year, every single state has applied for funding from the $50 billion Rural Health Transformation Program created by our landmark bill. “Rather than a top-down, Washington-based approach, we’re giving states the resources and freedom to find solutions to their unique challenges and to find sustainable ways of ensuring access to health care in their rural communities. “And as I said, the response has been robust. “Every single state – red, blue, and purple – is planning to take advantage of this much-needed support, and they have big plans for folks in rural parts of their states. “And I can’t wait to see just how transformative the Rural Health Transformation Program is across this country. “Madam President, it’s fair to say that things weren’t going great in a lot of ways the last few years before President Trump and Republicans took control in Washington. “But we’ve been working to address those issues and implement solutions to the problems facing the American people. “And far from patting ourselves on the back, we’re keeping our foot on the gas. “Later today, we’ll pass a housing affordability bill. “The Agriculture Committee is continuing work on a farm bill and additional agricultural relief. “And we continue important legislative efforts on issues from cryptocurrency to artificial intelligence to reining in waste, fraud, and abuse in the federal government. “Madam President, one year ago Republicans delivered major wins for the American people in the Working Families Tax Cuts. “And we are working every day to build on that success and to deliver again and again.”