'Putting Money Americans' Pockets': Thune Touts Big Beautiful Bill As July 4th Deadline Nears

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Senate Majority Leader John Thune (R-SD) outlined key provisions in the Senate's version of the "Big, Beautiful Bill" and urged its passage as the Trump Administration and Congressional Republicans' self-imposed deadline to pass the bill nears during remarks on the Senate floor.

Transcript

00:00Mr. President, last November, the American people elected President Trump in a Republican

00:04Congress with a clear mandate.

00:06And since taking control in Washington this year, we've been working to deliver on our

00:09promise of a safer, stronger, and more prosperous America.

00:14Now we have the opportunity to pass a bill that advances all of these priorities and

00:18sets our country up for better days ahead.

00:21We've worked hard on this, and now it's time to deliver.

00:24Mr. President, the centerpiece of our bill is permanent tax relief for the American people.

00:29The 2017 Republican-led tax cuts lowered rates for every income bracket.

00:35We doubled the child tax credit and nearly doubled the standard deduction.

00:39But those policies will expire at the end of the year without action from Congress, which

00:45means a typical family would be hit with a $1,700 tax hike next year.

00:53In my state of South Dakota, South Dakotans would see their taxes go up on average $2,500.

00:59We're determined not to let that happen.

01:02Not next year, not ever.

01:05Our bill makes the 2017 lower tax rates permanent.

01:10It raises the child tax credit to $2,200 per child and links it to inflation permanently.

01:16And it maintains the higher standard deduction that 90% of taxpayers use.

01:21And Mr. President, we're not stopping there.

01:24Millions of tipped workers will have an even higher standard deduction.

01:28Millions of tipped workers will benefit from no tax on tips.

01:32And millions of hourly workers will be able to keep more of their overtime pay with no

01:37tax on overtime.

01:39Ms. President, passing this bill means smaller tax bills and bigger paychecks for the American

01:44people permanently.

01:45It will also help get our economy firing on all cylinders again.

01:49In 2017, we boosted our economy by lifting the tax burden on American businesses.

01:54We lowered tax rates for the owners of small and medium-sized businesses, farms and ranches.

01:59We made it easier for them to recover the cost of investing in their businesses, which in

02:04turn freed up cash for them to invest in their operations and their workers.

02:10These and other major reforms helped kickstart our economy.

02:13And now we have the opportunity to make all of the pro-growth reforms from 2017 permanent

02:20and go even further.

02:22Our bill makes the small business deduction permanent.

02:25Full expensing for new equipment and domestic R&D will be permanent.

02:30Full expensing for new factories and factory improvements will generate growth and job creation

02:34and encourage more goods to be made in America.

02:38A higher death tax threshold that's linked to inflation will spare countless family farms,

02:42ranches and small businesses from a potentially devastating tax and the cost of burdensome planning.

02:50And the next generation will be able to access new investment accounts when they reach adulthood

02:56to use for education, to start a business, to buy their first home, essentially, Mr. President,

03:02to get a running start on the American dream.

03:05All of this means more money in Americans' pockets, more opportunity and greater prosperity.

03:12Mr. President, a bill to make America stronger and more prosperous would be incomplete if it

03:17didn't make America's farmers and ranchers stronger.

03:20Agricultural producers will, of course, benefit from permanent tax relief.

03:24But this bill also directly addresses the challenges producers have faced these past few years.

03:29It increases reference prices for every covered commodity.

03:32It enhances crop insurance coverage and affordability, including for farmers just starting out.

03:39And it supports risk management, disaster assistance, and conservation programs that producers depend

03:44upon.

03:46This present the last few years have been some of the toughest in recent memory for American

03:49agriculture.

03:50And I'm proud that this bill addresses these issues head on.

03:55And I can assure America's farmers and ranchers that their priorities will continue to be

03:59a priority here in Washington.

04:02Mr. President, this bill is also about a stronger America.

04:08And it makes a generational investment in our national security.

04:13All of our national security.

04:15And that starts with securing our borders.

04:18The Trump administration has already done incredible work stemming the flow of illegal immigrants

04:22and deporting criminals who had taken up residence in our country.

04:26But there's more work to be done.

04:28And law enforcement needs more resources to do it.

04:31And our bill provides those resources.

04:34Technology and manpower to stop illegal immigrants and illegal drugs at the border.

04:39Increased capacity to deport dangerous individuals from our country.

04:43And yes, finally finishing the wall.

04:47As I said, the administration has made great progress already.

04:50And I'm eager to get these resources into the hands of the men and women on the front

04:54lines to solidify those gains.

04:56Ms. President, we're also making a major investment in strengthening our military.

05:01Recent events have only reinforced the imperative of military readiness.

05:06But in a number of instances, we've let our military strength slip.

05:10And adversaries like China have begun to outpace us in key capabilities.

05:14Our bill will help reverse that trend.

05:17It invests in shipbuilding, supports a new golden dome for missile defense, revitalizes defense

05:23manufacturing capacity in America, and invests in the war-fighting technologies of tomorrow.

05:30With this bill, we can help ensure that our men and women in uniform have what they need

05:35to deter and defeat any threat.

05:39Ms. President, we're safeguarding our national security from every angle, which means addressing

05:44energy security.

05:46Energy security might not get the same attention as border security and national defense, but

05:50it's a big part of keeping America strong and secure.

05:55Relying on energy from hostile nations or unstable parts of the world can be a dangerous proposition.

06:03Maintaining energy independence is key to keeping a country secure.

06:06We're fortunate to have an abundance of natural resources in this country.

06:10And our bill makes sure that the American people benefit from those resources by freeing them

06:15up for responsible domestic production for a secure, stable, and affordable supply of energy.

06:24Ms. President, there's a lot more I can say about this bill.

06:26But before I close, I just want to talk about how this bill delivers on Republicans' promise

06:32to rein in the size of government.

06:35Deliver savings to the American people by reining in waste, fraud, and abuse in federal programs.

06:41It includes the largest spending cut in American history, as well as commonsense, good government

06:47reforms that haven't been attempted in Washington, D.C. in decades.

06:53And with more revenue?

06:55Revenue we get, Mr. President, by growing the economy, not by raising taxes.

07:01This bill will actually help reduce the deficit by as much as $6 trillion.

07:06Mr. President, this bill delivers on the mandate the American people gave Republicans last

07:12year.

07:13A stronger America, a safer America, and a more prosperous America.

07:21It's right around the corner.

07:22Mr. President, I yield the floor, and I suggest the absence of a quorum.

07:26The clerk will call the roll.

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