Thune: Senate Republicans Want to Make President Trump’s Tax Cuts Permanent
“[M]aking the Tax Cuts and Jobs Act permanent would protect hardworking families from uncertainty and ensure that they can keep more money in their pockets.”
Click here to watch the video.
WASHINGTON — U.S. Senate Majority Leader John Thune (R-S.D.) today delivered the following remarks on the Senate floor:
Thune’s remarks below (as delivered):
“Mr. President, one of the most significant accomplishments of the first Trump administration was the passage of the Tax Cuts and Jobs Act.
“This comprehensive bill reduced tax rates for every income bracket, doubled the child tax credit, nearly doubled the standard… deduction, and enacted pro-growth policies for American businesses of all sizes.
“And what were the results?
“A growing economy.
“Higher paychecks for hardworking families.
“Millions of new jobs.
“Small business growth.
“Higher-than-expected federal revenues.
“That’s right – higher than expected. Government revenues since the Tax Cuts and Jobs Act have exceeded projections by roughly half a trillion dollars.
“An end to corporate inversions – which is the practice of moving U.S. company operations overseas for tax purposes.
“Practically every aspect of the U.S. economy was strengthened by this pro-growth legislation.
“And contrary to what my friends across the aisle like to claim, it was middle-class families – not wealthy Americans – who received the largest proportional benefit of the tax cuts.
“Now, let me just repeat that, Mr. President.
“It was middle-class families – not wealthy Americans – who received the largest proportional benefit of the tax cuts.
“Working families benefited from this legislation.
“Working families ended up with more money in their pockets.
“Working families had more ‘breathing room’ because of the Tax Cuts and Jobs Act.
“Anyone who pretends that this wasn’t the case is either ignorant of the law or being deliberately deceptive.
“Mr. President, the income tax cuts for individuals are expiring at the end of this year, along with a key small business tax cut called the Section 199A passthrough deduction.
“And… one of our top priorities for this year is extending this tax relief.
“But not just extending it, Mr. President.
“Making it permanent.
“As I and several other Finance Committee Republicans noted last week in a letter on this subject, and I quote, ‘A temporary extension of these pro-growth and pro-family policies is a missed opportunity. Businesses need certainty while investing in their companies and taxpayers should not fear tax hikes due to congressional inaction.’
“That’s it in a nutshell, Mr. President.
“Hardworking Americans shouldn’t have to live in fear of a tax hike every few years.
“And businesses need a clear picture of the tax outlook so that they can plan for the long term.
“Mr. President, making the Tax Cuts and Jobs Act permanent would protect hardworking families from uncertainty and ensure that they can keep more money in their pockets.
“And it would have significant long-term economic benefits.
“The National Federation of Independent Business reports that making the small-business Section 199A deduction permanent would result in the creation of an additional 1.2 million jobs annually, with that number climbing as the law goes on.
“And the Tax Foundation reports that long-run gross domestic product would increase by a substantial 1.1 percent.
“The president has called for making the Tax Cuts and Jobs Act permanent.
“And I am committed to ensuring that any tax bill we consider does exactly that.
“We have a real opportunity to improve the lives of Americans both here and now and for the long term.
“And we can’t waste it.
“Mr. President, needless to say drafting major tax legislation takes time.
“And Senator Crapo, the chairman of the Finance Committee, has been doing an incredible job laying the groundwork for a permanent Tax Cuts and Jobs Act extension.
“But there’s still substantial work left to do to arrive at a bicameral agreement.
“And we have to take the time to get it and do it right.
“As we continue to move full-steam ahead on this key part of the president’s agenda, however, there are other pressing priorities that need to be addressed immediately.
“When the president’s border czar was here last week, he emphasized that the administration cannot sustain its effort to deport criminals here illegally without additional funding.
“And the last thing we want is to delay other parts of the president’s agenda, like border security, while we do the work needed to arrive at a tax agreement that can pass both houses of Congress.
“That’s why the Senate is moving forward on a two-part legislative plan to accomplish our – and the president’s – top priorities.
“The first bill we consider will address immediate needs, like securing the border and other key national security priorities.
“The second will focus on making tax relief permanent.
“The budget resolution we are taking up this week will address the border security part of the equation.
“And then we will take up a second budget resolution for the tax portion.
“I want to thank Chairman Graham for doing the work to get today’s resolution to the floor.
“And I look forward to passing it later this week.
“Mr. President, I look forward to taking up that second budget resolution as well in the not-too-distant future, to prevent a $4 trillion tax hike on hardworking Americans and making the individual and small-business tax relief from the Tax Cuts and Jobs Act permanent.”
Next Previous
