00:00Mr. President, in the run-up to last year's elections, Republicans made some promises to the American people.
00:08We promised to turn the page on the failures of the last four years,
00:12to help working families and to get our economy moving,
00:16to make our country stronger and more secure.
00:20And last week, Mr. President, we delivered legislation that will help fulfill those promises.
00:25That starts with permanent tax relief for hardworking Americans.
00:28Back in 2017, during the first Trump administration,
00:32Republicans passed the Tax Cuts and Jobs Act.
00:35Legislation that cut Americans' tax rates doubled the child tax credit
00:40and nearly doubled the standard deduction.
00:43But without action from Congress, a substantial part of the Tax Cuts and Jobs Act
00:47would have expired this year.
00:50And that would have meant a huge tax hike for hardworking Americans.
00:55Some $2,500 for people in my state of South Dakota.
01:01Mr. President, we were determined not to let that happen.
01:04Not next year. Not ever.
01:07And I am proud that our bill permanently extends all of the individual tax relief from the Tax Cuts and Jobs Act.
01:16That means lower tax rates for every income level permanently.
01:21An enhanced $2,200 child tax credit that's now linked to inflation.
01:26And the higher standard deduction.
01:29And we did more than that.
01:32We included no tax on overtime.
01:34No tax on tips.
01:36An even bigger standard deduction for seniors.
01:39And new investment accounts that will help the next generation get a running start on their American dream.
01:46In a word, the American people will be able to keep more of their hard-earned money
01:50instead of sending it to the federal government in Washington.
01:54And they will have the freedom to spend, invest, and save more of their own money how they see fit.
02:00Ms. President, in addition to providing permanent relief for American families, our bill is about getting our economy moving again.
02:07The 2017 Tax Cuts and Jobs Act had our economy firing on all cylinders.
02:13More jobs.
02:15Higher wages.
02:17Companies, large and small, investing in America.
02:21The 2017 tax cuts transformed the tax code so it would encourage growth.
02:26And it worked.
02:28But not all of that reform was permanent.
02:31Until now.
02:32Now, with the bill we passed last week, all of the 2017 pro-growth reforms are a permanent fixture of our tax code.
02:42That includes lower rates for small and medium-sized businesses.
02:46The job creating 199A small business deduction.
02:50And investment incentives that free up cash for small businesses, farmers, and ranchers
02:56to invest in their operations and in their employees.
03:00And once again, we went even further than the 2017 reforms.
03:04We included full expensing for new factories and factory improvements to fuel economic growth and made in America goods and jobs.
03:13And we included an even higher death tax threshold that will spare more family farms, ranches, and businesses from a potentially devastating tax.
03:22Not to mention the expense of planning for it.
03:25Mr. President, any bill that is about a stronger and more prosperous America would be incomplete if it didn't make America's farmers and ranchers stronger.
03:32Agriculture is the lifeblood of this country.
03:37But the last few years have been incredibly challenging for our agricultural producers.
03:42And our bill tackles those challenges head-on by bolstering programs that farmers and ranchers depend upon.
03:49It raises reference prices for every covered commodity.
03:52It expands crop insurance coverage and affordability.
03:56And it supports risk management, disaster assistance, conservation programs, and critical research and disease prevention programs that are essential to a robust agriculture sector.
04:08Mr. President, with this bill, Republicans are also making America more secure.
04:12We are ending the era of open borders by making a generational investment in border security.
04:18We are finally finishing the border wall.
04:22We're hiring more border agents and giving them the tools they need to keep illegal immigrants and illegal drugs out of our country.
04:29And we're hiring more ICE officers and enhancing our capacity, I should say, to detain and deport criminal illegal immigrants who have taken up residence in our country.
04:39We're also making a major investment to bolster our national defense and build a military that can defeat the threats of today and tomorrow.
04:48We're boosting shipbuilding, expanding our Air Force fleet, and investing in drones and counter-drone technology.
04:56We're restoring our defense production capacity so that we can make more munitions here in America.
05:01We're protecting the homeland with missile defense and nuclear modernization.
05:07And more.
05:09Our bill is no substitute for robust yearly defense funding.
05:13But it gives us a head start on the long-term investments necessary to turn our readiness deficiencies around
05:19and ensure that America's military is the strongest in the world for years to come.
05:24Ms. President, one often overlooked part of our national security is our energy security.
05:30And our legislation will help ensure that America has a reliable and affordable energy supply for the long term.
05:36Our bill also helps deliver on Republicans' promise of a smaller and smarter government.
05:43Our bill achieves $1.5 trillion in Byrd-compliant savings, including the first real entitlement reform in decades,
05:52reform that will put the programs in question on a more sustainable path for today's recipients and for tomorrow's.
06:00Ms. President, I am proud that Republicans are delivering on our promises to the American people.
06:05And I can't wait to see our policies begin working to help build a safer, a stronger, and a more prosperous country.
