Tax Relief for Hardworking Americans
By Sen. John Thune
Next year, working families in every county in South Dakota will see tax relief thanks to the One Big, Beautiful Bill. And because Republicans worked to make the tax cuts enacted in 2017 permanent, hardworking South Dakota families can be sure that they won’t face a massive tax hike down the road, which means they can spend, invest, and save more of their hard-earned money with more certainty about the future.
In 2017, we lowered tax rates for every income level, doubled the child tax credit, and nearly doubled the standard deduction, among other reforms. This year, Republicans made those reforms permanent. Lower tax rates mean big savings for working families. The higher standard deduction both simplifies the process and lowers your tax burden. Plus, we enacted a new $6,000 bonus deduction for seniors, giving roughly 200,000 South Dakota seniors more breathing room next tax season.
This bill also eliminated taxes on tips and overtime pay. That will bring significant tax savings for millions of workers who earn tips. And folks like first responders, police officers, nurses, and other workers picking up extra shifts and earning overtime pay will now be able to keep more of their hard-earned money too.
South Dakota small business owners, farmers, and ranchers will also see tax relief because of this bill. They will benefit from lower tax rates and the 199A small business deduction, as well as from investment incentives that make it easier to invest in new equipment and free up cash to invest in their employees and operations. And this bill raises the death tax exemption threshold, which means a lot more family-owned businesses, farms, and ranches won’t have to worry about a big tax bill wiping out what they’ve spent their lives building when they pass their business down to the next generation.
We also included a number of provisions to the tax code that benefit South Dakota families. We further raised the child tax credit and created new investment accounts for children that come with an initial $1,000 from the government. The money that families invest in these accounts can be used down the road for children’s education, to buy their first home, or start a business – to get a running start on their American Dream.
Thanks to this bill, America’s tax code is now permanently oriented toward supporting working families, building up our nation’s economy, and creating jobs here at home. I’m proud that Republicans have delivered permanent tax relief, and I’m eager to see the results begin to play out in South Dakota and across America.
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Certainly those businesses which manage to survive the unparalleled prosperity we’re having this year, will enjoy these benefits. So, thanks.
I wish the good Senator would have mentioned that the tax relief for seniors concerning their social security benefits plus the no tax on tips or on overtime only lasts a couple years while the tax relief for the ultra-wealthy is permanent. His middle class tax relief is minimal at best.
Hon. John Thune, don’t pee on us and call it rain…it’s not a middle class tax cut when the cost of buying the necessities of life are 2 to 50 times higher as a result of the Big Beautiful Bill. By the time your grandchildren are ready to go to USD, the United States will consist of two economic classes….poor and rich….and we know which one your family will esteem to be. So, great job….for the 6,200 millionaires and billionaires in the United States….and thanks for stealing the American dream away from the rest of us.