John Thune: Republicans Aim to Make 2017 Tax Relief Permanent, Criticizes Democratic Opposition

Republican Budget Resolution and Tax Relief

• 🎯 The Senate is expected to take up a budget resolution to lay the groundwork for making the 2017 tax relief permanent.
• 🔑 This resolution is the first step toward a final bill that aims to deliver investments in border, national, and energy security, alongside government reforms and savings.

Democratic Opposition and Mischaracterizations

• ⚠️ Senator Thune claims Democrats are "losing their minds" and have consistently mischaracterized the Tax Cuts and Jobs Act (TCJA) since its passage.
• 💡 He refutes the claim that TCJA was solely for corporations and billionaires, stating that working families received the greatest proportional benefit.
• 🤥 The Washington Post Fact Checker has reportedly given multiple "Pinocchio" ratings to Democratic claims about the act.

Budget Baseline and Procedural Arguments

• 🧐 Democrats are opposing the use of a current policy baseline for the budget resolution, which Thune argues is a standard practice.
• 📜 He cites the 1974 Congressional Budget Act, stating the Senate Budget Committee Chairman determines the baseline, and points to past Democratic use of current policy baselines, including by Chairman Musky and President Obama's budgets.
• 🏛️ Thune criticizes Democrats' sudden concern for Senate rules, contrasting it with their past actions regarding the Senate filibuster.

Economic Impact and Republican Beliefs

• 💰 Republicans believe Americans know best how to use their money, contrasting with a Democratic view that favors maximizing taxpayer dollars to the government.
• 📈 Making the tax relief permanent is projected to prevent a $2.6 trillion tax increase on those earning less than $400,000 and a $600 billion increase on small businesses.
• 📊 The National Federation of Independent Business estimates that making the small business deduction permanent could create 1.2 million jobs annually.
• 📈 The Tax Foundation projects a 1.1% increase in long-run GDP and a $3 trillion increase in federal revenues through economic growth.

Certainty and Economic Benefits

• 🏠 Republicans aim to make the tax relief permanent to provide certainty for Americans and small businesses, preventing fear of tax hikes.
• 💼 Permanent extension is expected to ensure take-home pay does not decrease and will foster significant economic benefits.
• 💰 The speaker highlights that the economy was growing and government revenue increased after the passage of the 2017 TCJA.
• 👨‍👩‍👧‍👦 Thune reiterates that working families will see the greatest proportional benefit from making this tax relief permanent, ensuring more breathing room and opportunities.