During remarks on the Senate floor Monday, Senate Majority Leader John Thune (R-SD) spoke about the Tax Cuts and Jobs Act.
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00:00The objection hasn't been heard. The bill will be placed on the calendar.
00:06Thank you, Mr. President.
00:08Mr. President, this is Small Business Week, a time to celebrate the entrepreneurs and innovators in our communities.
00:15The farmers and ranchers, the sons and daughters carrying on the family business.
00:20These hardworking Americans are the backbone of our economy and a sign that the American dream is alive and working.
00:28Mr. President, small business is a big deal.
00:33And the Trump administration and Republicans in Congress are working hard to deliver for America's small business owners.
00:39One of our top priorities this year is making the 2017 Tax Cuts and Jobs Act permanent.
00:45TCGA did a lot for small businesses. Lowered tax rates, the 199A small business deduction,
00:52and bonus depreciation and other investment incentives lowered small businesses' tax burden
00:58and encouraged them to invest in themselves, hire more workers, and in turn grow our economy.
01:04And that's what happened. After the Tax Cuts and Jobs Act passed, we saw businesses buying new equipment.
01:11They hired new workers. Paychecks got bigger. It was good for small business, good for American workers,
01:19and it led to a very strong economy before the pandemic.
01:24But, Mr. President, many of the law's provisions are expiring at the end of this year.
01:29And if we don't extend the Tax Cuts and Jobs Act, small businesses will face a $600 billion tax hike in 2026.
01:38Republicans do not intend to let that happen.
01:42But we don't just want to extend the TCGA's provisions.
01:47We want to give small businesses certainty by making these pro-growth tax policies permanent.
01:53Because permanence will encourage long-term investment. It will encourage growth.
01:58And it will maximize our economy's potential.
02:01According to one estimate, making the 199A deduction permanent would lead to 1.2 million more jobs per year.
02:11And that number would grow larger as the years go on.
02:15And that's just one pro-growth, pro-small business provision in the law.
02:19Mr. President, in addition to making the Tax Cuts and Jobs Act permanent,
02:23President Trump has also prioritized restoring American manufacturing.
02:27The tax code is a key part of that.
02:30Investment incentives like bonus depreciation help manufacturers purchase the latest technology
02:35and grow their workforce with good-paying jobs for the American people.
02:40And more manufacturing, more businesses and jobs here in America grows our tax base.
02:48And that means more revenue.
02:51Revenue that we get the right way, which is with a bigger and stronger economy, not bigger tax bills.
03:00Mr. President, we have an opportunity to help turn the page on the Biden economy
03:04and set up our country for long-term economic strength.
03:07And we can do that by delivering on the President's tax priorities
03:10and making his first-term tax success permanent.
03:13Mr. President, another one of our small business priorities is regulatory relief.
03:18When I meet with South Dakota business owners, I often tell them to let me know how we can help,
03:25even if sometimes that means getting out of the way.
03:28And often that's what the government needs to do.
03:31Get out of the way.
03:33And that's what we've been trying to do this year.
03:35Congress has blocked a number of burdensome Biden-era regulations through the Congressional Review Act.
03:42And we have more Congressional Review Act measures planned for this week.
03:46For example, we passed resolutions blocking Biden administration rules on commercial refrigerators and freezers and walk-in coolers.
03:55These are rules that would have driven up costs and reduced choices for small businesses.
04:01One standard had a payback period, if you can get this, of 90 years,
04:07meaning a small business would start saving money almost a century after purchasing an appliance.
04:14Mr. President, that's absurd.
04:17And it's just one example of the regulatory burdens Congress is working to lift off of the backs of small business owners.
04:23The Trump administration is also working overtime to rescind a host of bad Biden-era rules that would place heavy burdens on small businesses.
04:32Farmers, ranchers, and landowners will be pleased to know that the EPA has initiated a more collaborative process with stakeholders as it considers an alternative to the Biden administration's WOTUS rule, or Water of the United States.
04:49And the administration and Congress have been working to repeal anti-energy Biden regulations and unleash American energy dominance to ensure we have an affordable and reliable energy supply for years to come.
05:01Mr. President, strong small businesses mean a strong America.
05:06I'll always be grateful for the lessons I learned getting my start working in small businesses.
05:11During the summers, my parents, who were educators, ran a motel in my hometown of Murdo.
05:16And as is common in a lot of small businesses, the whole family helped out.
05:21Later on, my first job was as a busboy at the Starr Family Restaurant.
05:25I later graduated to a cook.
05:27I learned a lot there, including what it took to keep the business running day-to-day and week-to-week.
05:33Ms. President, small business owners work hard in pursuit of their dream.
05:40They create opportunity and jobs.
05:42And they bear the heavy responsibility that comes with signing the front of a paycheck.
05:48I know that small businesses have been facing a number of challenges lately.
05:52And my aim is always to do everything I can to help.
05:55And I look forward to continuing to work with my Republican colleagues here in the Senate
06:00to support and strengthen small businesses.
06:05Because when small businesses succeed, Mr. President, we all succeed.
06:10Ms. President, I yield the floor, and I suggest the absence of a quorum.
06:13Clerk will call the roll.
06:15I'll tell you.
06:16I'm grateful.
06:18You have a great day for me.
06:19Thanks, Charlotte!
06:20I love you.
06:21Thanks, Charlotte.
06:22Thanks, Charlotte.
06:23Thanks, Charlotte.
06:24Thanks, Charlotte.
06:25Yeah!
06:26Thanks, Charlotte!
06:28Me too!
06:29Yeah!
06:30Thanks, Charlotte.
06:31Thanks, Charlotte.
06:32I like to teach her.
06:33I love you, too!
06:34Thanks!
06:35To see you next time.
06:36You can't take out the opportunity.
06:37Thanks, Elizabeth.
06:38And I'll tell you what it's going through.
06:39I love you.