MITCHELL, SD (Mitchell Now) — U.S. Senate Majority Leader John Thune emphasized Republican-led tax relief efforts during floor remarks in Washington, noting that provisions originally passed in 2017 have now been made permanent. The full video of Thune’s comments is available here: [LINK].
Thune said the 2017 tax cuts—lower tax rates, a doubled child tax credit and an expanded standard deduction—were set to expire at the end of the year. He noted that without congressional action, families nationwide faced significant tax increases, including an estimated $2,500 impact to a typical family in South Dakota.
In his remarks, Thune said Republicans worked to extend and make permanent the tax measures through the Working Families Tax Cut, passed in July. The changes include permanent lower tax rates, a permanent increase to the child tax credit and additional expansions indexed to inflation.
Thune also highlighted other provisions such as eliminating taxes on tips and overtime pay, increasing the standard deduction and introducing a bonus deduction for seniors. He said the legislation also makes permanent several business tax provisions, including the 199A small business deduction and full expensing for equipment, research-and-development investments and new factory construction.
“I’m incredibly proud of what we were able to accomplish for hardworking Americans,” Thune said. “We not only averted a massive tax hike on American families, but were able to further lessen Americans’ tax burden.”