'Great News For Our Entire Country': John Thune Discusses Latest On GOP Reconciliation Bill

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In remarks on the Senate floor Monday, Sen. John Thune (R-SD) spoke about the reconciliation bill.

Transcript

00:00Madam President, we are getting closer to passing a bill that will help make America

00:04stronger and more prosperous.

00:07A bill that will ensure that working families can keep more of their hard-earned money.

00:12That will help small businesses grow and create jobs, strengthen America's farms and ranches,

00:20rebuild our military, secure our border, and of course unleash American energy.

00:27Madam President, this bill is great news for our entire country, for Americans from every

00:32place and walk of life.

00:35But today I want to talk about how this bill will help make my home state of South Dakota

00:38stronger and more prosperous.

00:41That starts with making tax relief permanent.

00:45In 2017, Republican-led Tax Cuts and Jobs Act meant lower tax bills for South Dakotans.

00:53That bill lowered tax rates for every income bracket, doubled the child tax credit and

00:58nearly doubled the standard deduction.

01:00But those tax policies are set to expire, Madam President, this year if Congress doesn't

01:06act.

01:07Which would mean an average South Dakotan would see a $2,500 tax hike next year.

01:15We're not going to let that happen.

01:18Our bill will extend the Tax Cuts and Jobs Act's lower tax rates.

01:23It will extend the doubled child tax credit.

01:27It will extend the nearly doubled standard deduction.

01:31But not just extend them, Madam President.

01:34Make them permanent.

01:36So that no hardworking American has to worry about a looming tax hike again a few years down

01:42the road.

01:44I said we're going to make the $2,000 Child Tax Credit permanent.

01:49But we're actually going to go even further by increasing the Child Tax Credit by another

01:53$200.

01:55Under Republicans' bill, the Child Tax Credit will now be $2,200 per child permanently.

02:03Madam President, we're also delivering on a number of the President's campaign promises

02:08that will provide further relief to hardworking Americans.

02:11Under our bill, seniors will be able to reduce their taxes further with a $6,000 boost to

02:17their standard deduction.

02:19Police officers, firefighters, and hourly workers won't have to pay tax on their overtime pay.

02:26Waitresses and busboys will benefit from no tax on tips.

02:31And the next generation will be able to access new investment accounts as adults that they

02:36can use for their education, to buy their first home, to start a business, in short, to get

02:44a running start on their American dream.

02:48Madam President, I could go on.

02:51But the bottom line is this.

02:54A bigger bottom line for hardworking Americans for the long term.

03:00More money in their paychecks.

03:02More opportunity.

03:05And a brighter future ahead.

03:07Madam President, the 2017 tax reform also helped grow our economy by lifting the tax burden

03:12on American businesses.

03:14Small businesses, farms and ranches, all benefited from lower tax rates and investment incentives.

03:21Tax reform freed up cash that business owners could use to invest in their operations and

03:26their workers.

03:28And South Dakotans saw those benefits on Main Street and on the farms and ranches that are

03:33the lifeblood of our state.

03:37Now Republicans are poised to make many of those reforms permanent.

03:41That includes investment incentives like full expensing for new equipment and for domestic

03:46research and development.

03:48It includes the job creating 199A small business deduction.

03:53But it includes raising the death tax exemption to 15 million and linking it to inflation,

04:00meaning countless family farms, ranches and small businesses will be spared the threat

04:05of this fundamentally flawed tax and the headaches that come with trying to plan for it.

04:11And speaking of farms and ranches, Madam President, in addition to providing farmers and ranchers

04:16with tax relief, our bill updates the farm safety net to address some of the challenges

04:20farmers and ranchers have been facing.

04:23It increases reference prices for every covered commodity and makes these prices more responsive

04:28to market conditions in coming years.

04:31It increases crop insurance coverage and affordability, including for farmers just starting out.

04:37It supports livestock producers by making existing programs more responsive to drought and by

04:43funding prevention of animal diseases that can devastate livestock.

04:48It invests in critical conservation programs, including programs that support South Dakota's wild

04:53bird populations.

04:56And it supports a bright future for agriculture by funding grants for research at agriculture

05:01research institutions and promoting trade for commodities in foreign markets.

05:08Madam President, America's farmers and ranchers have faced some serious challenges in recent years,

05:15some of the toughest, in fact, in recent memory.

05:18I'm proud that we are addressing their needs in this bill.

05:22And I can assure America's ag producers that their priorities will continue to be a priority

05:29here in Washington.

05:30Madam President, there's a lot more I can say about this bill and how it will help South Dakota

05:34and our entire country.

05:36But before I close, I want to focus on how it will make America more secure.

05:41It makes a down payment on strengthening our military by investing in the equipment our

05:46men and women in uniform need to keep America safe amid today's threats and tomorrow's.

05:54And that includes expediting production of the new B-21 long-range strategic bomber, the

05:59future backbone of the Air Force's bomber fleet.

06:02In the coming years, the B-21s will operate from several locations, including South Dakota's

06:06Ellsworth Air Force Base.

06:08And it is emblematic of the type of investments this bill is making in our military's future.

06:15This bill also makes a significant investment in our border security, including finishing

06:20the border wall.

06:21And last but not least, it unleashes American energy.

06:26It reverses course from the Biden administration's hostility to responsible, conventional energy production.

06:36And it will help guarantee a secure, stable, and affordable energy supply for American families

06:42and businesses, and for our national security.

06:46Madam President, a safer, stronger, and more prosperous America is within reach.

06:53We've made a lot of progress on this bill, and it's almost time to vote.

06:58And I'm looking forward to finishing our work and getting these policies in place for the

07:02benefit of South Dakota and of our entire country.

07:06Madam President, I yield the floor, and I suggest the absence of a quorum.

07:11The Clerk will call the roll.

07:12The Clerk will call the roll.

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