John Thune Advocates for Permanent Extension of Tax Cuts and Jobs Act

Permanent Tax Relief for American Families

• 💡 The Senate Finance Committee has released text to make the 2017 Tax Cuts and Jobs Act permanent, aiming to prevent a significant tax hike for American families starting in 2026.
• 🎯 If not extended, individuals earning less than $400,000 annually would face a $2.6 trillion tax increase, with a typical family of four seeing an additional $1,700 in taxes.
• 🔑 Republicans are committed to extending and making permanent the lower tax rates, the doubled child tax credit, and the nearly doubled standard deduction.
• 🚀 The proposed legislation further enhances the child tax credit by an additional $200 on a permanent basis.

Economic Growth Through Business Tax Reforms

• 📈 The Tax Cuts and Jobs Act reformed business taxes by lowering rates for small and medium-sized businesses and farms, encouraging investment and job creation.
• 🌍 The corporate tax rate was lowered to make American businesses more competitive globally, leading to increased investment in wages and benefits.
• ✅ Post-Act, the economy saw substantial growth, real wage increases, a 50-year low in unemployment, and the lowest recorded poverty rate.

Extending Pro-Growth Business Provisions

• 🛠️ Key business tax provisions, including lower rates for small businesses and full expensing for capital investment, are set to be permanently extended.
• 🏭 New policies aim to boost domestic manufacturing through full expensing for new factories and improvements.
• 📊 Economic forecasts predict 2.9% to 3.5% long-run GDP growth as a result of these legislative measures.

Additional Tax Proposals and Economic Impact

• 💰 The bill includes measures such as suspending taxes on tips and overtime, and providing tax relief on auto loan interest for new US-manufactured cars.
• 👴 It also increases the standard deduction for low and middle-income seniors to ease retirement.
• 👶 A new program will create savings accounts for newborns with an initial deposit to help parents invest for their children's future.
• 📈 The legislation is expected to increase federal revenues through economic growth, with projections indicating $4.1 trillion in increased federal revenues.