Thune: Republicans Deliver on Tax Cuts for Working Families

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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, Tax Day was last week, and I'd like to read a brief excerpt from a Washington Post article.

"The title of this article?

"'Tax refunds shoot up as Americans take advantage of new deductions'

"And here's the excerpt, and I'll quote:

"'Karen Richardson, 68, has had a predictable tax return since she retired from her job administering government benefits four years ago. She lives on a fixed income and usually owes some money at tax time, so she was surprised to get a $1,000 refund this year due to the senior deduction. "The Big Beautiful Bill worked for me," she said. "I didn't think it applied to more than the richer people. ... I really didn't think it applied to me."'

"Well, Mr. President, as Ms. Richardson and many other hardworking Americans have discovered, the Big Beautiful Bill - the Working Families Tax Cuts - does indeed apply to them.

"It worked for them this tax season, and it will work for them in future tax seasons.

"Mr. President, in 2017 Republicans overhauled our outdated tax code so that it would work better for our economy and for American families alike.

"We cut tax rates across the board, doubled the child tax credit, and nearly doubled the standard deduction.

"And all of this made a significant difference to working families' tax bills.

"But this relief was scheduled to expire at the end of 2025 - which meant that starting this January, Americans would have seen a lot more of their paychecks going to the federal government.

"Republicans were determined not to let that happen.

"And so last summer we passed the Working Families Tax Cuts to prevent a massive, $2.6-trillion tax hike on Americans making less than $400,000.

"But we didn't just prevent a tax hike.

"In addition to ensuring that Americans could keep enjoying lower tax rates, Republicans passed a number of additional tax relief measures.

"We boosted the standard deduction again.

"We increased the child tax credit - and linked it to inflation, so that its value will never go down.

"We instituted no tax on tips.

"We instituted no tax on overtime.

"And more.

"And hardworking Americans are reaping the benefits.

"This tax season, more than 30 million seniors claimed the new bonus deduction for older Americans.

"More than a million taxpayers bought a new American-made car and were able to deduct an average $1,800 in auto loan interest on that new vehicle.

"More than 25 million American workers were able to deduct overtime pay from their taxes, resulting in substantial tax savings.

"And more than 6 million workers were able to deduct their tips from their taxes.

"And that doesn't even count the parents who were able to take advantage of the enhanced child tax credit, or the new tax-advantaged accounts for their child.

"Or all of the Americans who benefited from our further increase in the standard deduction.

"Mr. President, the Working Families Tax Cuts is working for working families.

"Mr. President, the New York Times recently interviewed a number of taxpayers.

"The Times reported, and I quote, 'Many of the taxpayers said they had received their largest refund in years, money that is going toward paying down credit card debt, catching up on bills, padding savings accounts or covering the cost of a vacation.'

"'… money that is going toward paying down credit card debt, catching up on bills, padding savings accounts or covering the cost of a vacation.'

"Mr. President, that was our goal with this bill.

"To take some of the pressure off.

"To free up money that families could use to do things like pay down debt or put away for a rainy day or take a much-needed vacation.

"Thanks to the Working Families Tax Cuts, Americans now have a little more breathing room in their budgets.

"And whether we're passing tax relief, new measures to make prescription drugs more affordable at the pharmacy counter, or legislation to address the cost of housing, Republicans will continue to work to make life more affordable for hardworking Americans."

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