Thune on Tax Day: Republicans’ Tax Cuts Put More Money in Americans’ Pockets

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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, I don’t know a lot of people who look forward to April 15th.
“No, I suspect Tax Day doesn’t rank high on Americans’ favorite days of the year.
“But I’d wager that a lot more Americans were pleasantly surprised this year when they went to file their taxes.
“Because thanks to Republicans’ Working Families Tax Cuts bill, a lot more Americans kept a lot more of their hard-earned money this year.
“That’s right.
“Hardworking Americans saw lower tax bills.
“Tax refunds increased by more than 10 percent compared to last year.
“And the average refund is more than $3,400 this year thanks to Republicans’ tax cuts.
“Mr. President, as the American people have now seen firsthand, the Working Families Tax Cuts provided significant tax relief.
“First of all, it locked in the lower tax rates permanently.
“In 2017, Republicans lowered tax rates across the board.
“As of last year, these new lower rates are now permanent, which means that hardworking Americans won’t have to worry about a higher tax bill in the years to come.
“We also nearly doubled the standard deduction in 2017.
“The Working Families Tax Cuts raised it even further and made that permanent too.
“And then there’s the child tax credit, which Republicans doubled in 2017.
“The Working Families Tax Cuts raised it again to $2,200.
“And Republicans didn’t just raise the child tax credit, we linked it to inflation so that it doesn’t lose its value over time.
“And that, too, is a permanent feature of the tax code thanks to Republicans’ landmark bill.
“Mr. President, the Working Families Tax Cuts also introduced a number of new tax relief provisions into the tax code.
“This tax season, more than 30 million seniors claimed a new $6,000 bonus deduction for older Americans.
“Over a million people bought a new American-made car and were able to deduct an average $1,800 in auto loan interest on that new vehicle.
“More than 25 million American workers were able to deduct overtime pay from their taxes and realize thousands of dollars in tax savings.
“And over 6 million workers deducted income from tips this tax year.
“With all that, Mr. President, a lot more Americans were looking at a bigger refund when they finished their tax returns.
“And they’re thinking about the best use of that additional money in their pocket.
“Saving for their first home.
“Investing in their kids’ education.
“Taking a family vacation.
“Using their money how they see fit rather than sending it to Uncle Sam.
“Mr. President, as its name implies, the Working Families Tax Cuts focuses on working families.
“But this bill also did a lot to support America’s small businesses as well as family farms and ranches.
“Thanks to Republicans’ landmark bill, 12 million small businesses saw an average tax reduction of $7,000.
“This bill made the 199A small business deduction permanent, which has been a significant boost for small businesses and for family farms and ranches.
“One agriculture co-op in my state of South Dakota estimates … its impact at over $100 million since it was created by Republicans in 2017.
“Millions of small businesses, farms, and ranches were able to use this provision and reduce their tax bill this year, freeing up money to invest in their operations and employees, create jobs, and increase innovation.
“And that’s not all.
“The Working Families Tax Cuts made 100 percent bonus depreciation permanent too, which allows businesses and farmers and ranchers to deduct the full cost of a new piece of equipment the year they start using it.
“Permanent research and development expensing is already paying dividends for businesses in my state.
“And a lot of farmers, ranchers, and small business owners breathed a sigh of relief when they heard that this bill raised the death tax threshold and spared them – spared them – from a potentially devastating tax bill, not to mention from the costly estate planning expenses that come with it.
“Mr. President, since Republicans passed this landmark bill last summer, we’ve heard Democrats’ typical refrain that this bill was just tax cuts for billionaires.
“That’s laughable, it really is.
“The largest proportional benefits from this bill went to Americans earning less than $50,000 a year.
“The increased standard deduction from this bill is something that was claimed by more than 100 million Americans this year to reduce and to simplify their taxes.
“More than 34 million American families claimed the child tax credit this year, which the Working Families Tax Cuts permanently increased and linked to the cost of living.
“And nearly half of filers – half of filers, Mr. President – claimed one of the new tax cuts: no tax on tips and overtime, auto loan interest, or the senior deduction.
“Mr. President, millions of middle-income Americans saw a lower tax bill this year – and that’s no fluke.
“The Working Families Tax Cuts puts these hardworking Americans first.
“It lets them keep more of their hard-earned money to spend, invest, and save how they see fit and helps hardworking people get one step closer to the American Dream.”