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Last year, President Trump and Republicans promised the American people that we would turn the page on the failures of the last four years. We promised to make America more prosperous and to make it stronger and more secure. We got right to work on executing our agenda this year, and I’m proud to report that we’ve delivered with a bill that fulfills these promises.
The centerpiece of this bill is permanent tax relief for the American people. Without action by Congress, the 2017 Republican tax cuts would expire at the end of this year, raising South Dakotans’ tax bills by an average $2,500. But Republicans’ bill prevents that tax hike – next year and forever – with permanent tax relief. That means lower tax rates for every income level, a $2,200 child tax credit, and an increased standard deduction. But this bill goes further. It also suspends tax on tips and overtime pay, meaning bigger paychecks for hardworking Americans, and it offers seniors a higher standard deduction to reduce their tax bills even further.
The other legacy of Republicans’ tax reform is its impact on our economy. Before the pandemic, our economy was firing on all cylinders. The bill we’ve just passed will set us up to get our economy moving again. It keeps taxes low for small and medium-sized businesses – again permanently, so farms, ranches, and small businesses have certainty for the future. It maintains investment incentives that free up cash for businesses to invest in their operations and their employees. Not to mention making the job-creating 199A small business deduction permanent, alongside other pro-growth tax policies.
Strengthening America’s farms and ranches is another key component of this bill. It’s been a challenging few years in the agriculture sector, and this bill addresses those challenges head-on. It increases reference prices for all covered commodities. It enhances crop insurance coverage and affordability. And it supports risk management, disaster assistance, and conservation programs that producers depend on. And a permanently higher threshold for the death tax that’s linked to inflation will save family farms and ranches from this unfair tax and the cost of planning for it.
In addition to a stronger economy, this bill strengthens American security from every angle. It makes a generational investment in our border security, including finishing the wall, bolstering border enforcement, and supporting the Trump administration’s deportation efforts. It makes a significant investment in our military capabilities, ensuring our men and women in uniform have everything they need to deter and defeat today’s threats and tomorrow’s. And it fulfills Republicans’ promise to unleash American energy dominance, which will help secure a reliable and affordable energy supply for the future.
This legislation also delivers on our promise to rein in the size of government. It delivers savings to the American people by tackling waste, fraud, and abuse in federal programs. It includes the largest spending cut in American history alongside commonsense reforms that haven’t been attempted in Washington, D.C., in decades. And it will help reduce the deficit with greater tax revenue generated by a growing economy – not by higher taxes.
The American people gave Republicans a mandate last year. Since taking control in Washington in January, we have worked tirelessly to execute on an agenda that is about a stronger, safer, and more prosperous America. I’m proud to say that we have delivered on those promises, and I can’t wait to see these policies help usher in a new era for our great country.