Permanent Tax Relief Under the Tree
By Sen. John Thune
With the end of the year approaching, there are a lot of demands on working families’ budgets: holiday expenses, end-of-year giving, and putting something away for your retirement and the kids’ education. It’s not easy, but the Working Families Tax Cuts that Republicans passed this year will provide some help, enabling you to keep more of your hard-earned money to save, invest, and spend how you see fit.
The cornerstone of the Working Families Tax Cuts is permanently lower tax rates. In 2017, Republicans passed the Tax Cuts and Jobs Act, which lowered taxes across the board. But those cuts were set to expire at the end of this year without action from Congress, which would have meant a $2,500 tax hike for a typical family in South Dakota. Republicans were determined not to let that happen. So we passed a bill this year that makes those lower tax rates and the higher standard deduction permanent, meaning lower tax bills and more money in working families’ pockets.
With this bill, we also secured additional tax relief for South Dakotans raising families. In 2017, Republicans doubled the child tax credit. This year we raised it again, to $2,200 per child, and linked it to inflation so it will never lose its value. We also created new investment accounts for newborns with an initial $1,000 investment from the government. Families will be able to contribute to these accounts as their children grow, and the money can be used later for education, to start a business, and to buy a first home – in short, to get a head start on the American Dream.
This bill also eliminated taxes on overtime and on tips. Police officers, paramedics, firefighters, nurses, and others who have to be on the job during Thanksgiving and Christmas will be able to keep what they earn for those overtime shifts. And waiters, bartenders, and busboys working through the busy holiday season won’t have to pay taxes on their tips when they file their taxes in April.
Small businesses also stand to benefit from permanent tax relief. In 2017, Republicans created a 20 percent small business deduction, which freed up cash for small businesses to invest in their operations and employees. That provision is now a permanent feature of our tax code. Full expensing for new equipment, which makes it more affordable for small businesses, farmers, and ranchers to invest in their operations, is also now permanent. And these permanent pro-growth tax policies will help small businesses remain competitive and strong in the years to come.
For the last few years, working families, farmers and ranchers, and small businesses have struggled through serious economic headwinds. Republicans’ top priority this year was delivering tax relief for these hardworking Americans to give them more breathing room in their budgets. Without action by Congress, 2026 would have brought a massive tax hike. Thanks to the Working Families Tax Cuts, that tax hike isn’t coming next year, or the year after that, or ever. And that’s great news as we head into the new year.
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Senator Thune, you plumb forgot to mention the part of the OBBB where you tacked another $5 trillion dollars onto the federal debt ceiling. Life seems easy when you live on a credit card and simply jack up your credit limit whenever you hit the ceiling.
You also forgot to mention that the lion’s share of those tax cuts will accrue to the wealthiest Americans. Did you know that some billionaires pay virtually zero income taxes? At the same time, you are putting our nation’s exploding mountain of debt on our shared credit card that our children and grandchildren will inherit. Currently $38 trillion, and headed to $42 trillion and beyond under the OBBB and your reckless fiscal policies. Our nation is at peace and, according to President Trump, enjoying the greatest economic boom in all of history. If we can’t figure out how to pay our current debts NOW and balance our budget, when will that ever happen?
A terrible, shameful situation indeed.
do tell. my oh my.
“Did you know that some billionaires pay virtually zero income taxes?”
Who? And if you would, please post a link so we can see those tax returns for ourselves.
He makes it seem faor more common than it is, but pro publica released a report about this following IRS data leaks:
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax#:~:text=Republish%20This%20Story%20for%20Free,Rupert%20Murdoch%20and%20Mark%20Zuckerberg.
I’ve seen this before and the article is deceptive. Theres a difference between wealth growth and income. If you buy a house for $300k and over the next year it increases in value to $315k, should you pay income taxes on that gain even though your checkbook never sees it? If your IRA increases in value by $20k in a year should you pay income taxes on it before you use it?
there’s nothing wrong with that article, just with your own notions of a proper amount of taxation.
And once again you are wrong.
how so? did you read the article?
Why yes I did. Did you? If you did you didn’t pay attention to the data that was listed…big surprise.
oh i saw it. no shock you’re lying about it here, it’s what you do.
Then show how I’m lying. I bet you can’t and wont even try.
regarding any wrongness, if proof comes out that elon musk bought and paid for cheats that got trump the win, and his tweets indicate he did something underhanded, nothing i ever said about harris is wrong, so bite me bot-boy.
Indicate he did something wrong. Oh there’s absolutely proof in the mind of a libturd. How about explaining that indication of something wrong. Or are an election denier?
thanks! i for one will read this. and remember kids, if you’re a person who wants democrats hunted and killed, you can shove your happy thanksgiving wishes. nobody wants them.
And remember kids, the post above is what you get when someone is insane, and they are suffering from terminal TDS.
remember kids, TDS is WANTING the liar / thief trump to be president.
Remember kids, TDS is delusional behavior as demonstrated by the likes of enquirer.
If anyone out there knows he/him/she/her/they/them/it, get that poor soul to the local psychiatrist soon.
can you loan me $3? powerball’s really up there.
That was stupid. No surprise coming from the blog idiot enquirer.
Two assassination attempts on President Trump, the Charlie Kirk assassination, and this:
“According to the survey produced by the university’s Social Perception Lab that asked 1,264 U.S. citizens about their attitudes toward political violence, 55% of all self-identifying “liberals” believe killing the president is a justifiable means of pursuing their political goals. Trump’s highest-profile partner in government, Tesla CEO and Department of Government Efficiency chief Elon Musk, is also seen as a justifiable target for assassination by 48% of the same respondents.”
I believe you are a confused individual. But then, you have been wrong on almost everything you post.
cite your lying source please. also, prove that the trump assasination attempts were not staged. the events of each diverge from actual security practices in troubling ways. google it doctor hawking…
What’s the matter little fella? Haven’t taken your meds today? Your TDS is raging, you may want to call your doctor soon.
Her ya go:
“In April, the Network Contagion Research Institute, along with Rutgers University, found that 55% of self-identified left-of-center respondents said that it was at least somewhat justified to murder President Trump. Forty-eight percent said the same of Elon Musk, and 40% of respondents, including 59.6% of left-of-center respondents, said it was at least somewhat acceptable to destroy a Tesla dealership in protest.”
So, I guess Rutgers is a lying institution according to you. Or is it more of a case that you don’t like the data? TDS buddy, TDS. You need help.
was rutgers in danger of losing their funding from trump’s government? that’s the only important question. you’re such a screeching flamer, don’t catch your mom’s basement on fire lol
Translation…you haven’t got anything. Don’t you get tired of having your ass handed to you?
Really? That’s all you got? The translation for you response is you have nothing. How does it go…MIC DROP. Don’t you get tired of being wrong about everything?
ROTFLMAO!
billionaires who are independently wealthy pay capital gains taxes. technically they don’t pay income taxes because they don’t have incomes, they have gains. These are different revenue streams. Income is reported on Form 1040 and Capital gains are reported on Form 8949. But it makes good fodder for fools like you to get mad about.
Senator, why do you try to rename the Big Beautiful Bill if it is supposed to be so great for Americans? Many of the benefits you boast about are temporary. Why do you not mention this? I could go on.
Weak sauce. Rename? Grasping.
Most bills’ benefits are temporary, or are at least supposed to be to address conditions at the time, ie: Obamacare subsidies.
I could go on.
I just saw an awesome interview segment on CNN.
Jamie Dimon of JP Morgan WANTS TO BE THE NEXT US PRESIDENT.
He’s quite the catch, people, net worth of 2.9-billion so he’d be as great of a CEO as Trump. Probably better, you’d hope he’s way smarter as well as physically & mentally more healthy. He looks pretty chipper anyway, he’s just 69 so even if he’s no healthier than Trump, he’s got a good decade before he’s swirling around the drain.
All he would need, is for all the help Trump got from Fox News and the Republican Party to fall HIS way, and soon enough for him to overhaul the image damage done by Trump and his ruinous disastrous economic holocaust.
If the GOP becomes the party of silent board members in the leaders pocket, instead of a body representing all the voters of all the districts, this CEO club is a curse which may never go away. Please resume full constitutional practice now. Get rid of Mike Johnson NOW.