Rushmore State News

U.S. Senate Majority Leader John Thune (R-S.D.) addressed the press on progress with the reconciliation bill, emphasizing its alignment with the president’s agenda to enhance national safety, strength, and prosperity.

Thune outlined several tax provisions included in the legislation. “As you all know, this is the legislation that we believe implements the president’s agenda and makes our country safer, stronger, and more prosperous,” Thune said. He highlighted that the bill aims to ease financial pressures on American families by providing substantial tax relief. According to Thune, it would make permanent lower tax rates from the Tax Cuts and Jobs Act, extend an expanded child tax credit permanently, and maintain an increased standard deduction claimed by a majority of Americans.

Additional measures include eliminating taxes on tips and overtime pay, reducing taxes for seniors, and removing taxes on interest from new car loans. “And then on top of that, a number of President Trump’s initiatives deal with no tax on tips, no tax on overtime, lower taxes on seniors in this country, and … no tax on interest on new loans for cars,” Thune stated.

He also pointed out that these proposals were part of both the current Senate package and a similar House package. “But we think they are important in terms of the message they send to the American people, and that is that we want to allow you to keep more of what you earn so that you can spend it and make decisions that are in the best interests of your family, instead of sending that money to Washington, D.C.”

In addition to tax reforms, Thune discussed other components such as military modernization and border security measures within the bill. “Couple that with what it does on modernizing our military, making the country safer, what it does with respect to securing our border and making our country more secure that way, these are all important aspects and components of the reconciliation legislation that’s in front of us. And we feel very good about the path that we’re on and getting this across the finish line by the end of the week.”