Northeast South Dakota News

U.S. Senate Majority Leader John Thune addressed the media today, discussing the Senate Republicans' efforts to pass a budget reconciliation bill. Thune highlighted the completion of the Finance Committee's work on the bill, which was recently released.

Thune expressed optimism about the bill's potential impact on America's economic future. "We believe it leads to a stronger and more prosperous America, and so we are excited to get this bill out and on the floor," he stated. He praised members of the Senate Finance Committee, particularly Chairman Mike Crapo, for their contributions.

The proposed legislation aims to make permanent several tax provisions from previous years. Thune noted that it "makes permanent the 2017 Tax Cuts and Jobs Act rates" and includes measures such as an expanded child tax credit and increased standard deduction. The bill also incorporates elements of former President Trump's campaign promises, including no taxes on tips or overtime and reduced taxes for seniors.

Thune emphasized the importance of these business tax provisions in stimulating economic growth and job creation. He warned of significant tax increases if action is not taken: "I don’t think it’s a universe that anybody wants to live in because it means a $4 trillion tax increase at the end of the year on the American people."

Additionally, Thune mentioned reforms intended to strengthen Medicaid, aiming to enhance its effectiveness for its intended beneficiaries.