Northeast South Dakota News

U.S. Senate Majority Leader John Thune (R-S.D.) addressed the Senate floor today, discussing a Republican-led bill aimed at enhancing America's economic and national security. Thune emphasized the potential benefits for his home state of South Dakota, highlighting tax relief and support for small businesses, farms, and ranches.

Thune stated that the bill seeks to make permanent the tax cuts introduced in the 2017 Tax Cuts and Jobs Act. "That bill lowered tax rates for every income bracket, doubled the child tax credit, and nearly doubled the standard deduction," he noted. The new legislation aims to prevent an average $2,500 tax hike for South Dakotans by extending these provisions permanently.

The proposed bill also includes increasing the child tax credit from $2,000 to $2,200 per child. It introduces measures such as a $6,000 boost to seniors' standard deductions and eliminates taxes on overtime pay for police officers, firefighters, and hourly workers.

Thune highlighted additional benefits: "Waitresses and busboys will benefit from no tax on tips." The legislation also proposes new investment accounts for young adults to aid education or business ventures.

On supporting agriculture, Thune mentioned updates to the farm safety net: "It increases reference prices for every covered commodity...and supports livestock producers by making existing programs more responsive to drought."

Military investment is another focus area. The bill allocates funds for equipment needs and accelerates production of the B-21 long-range strategic bomber at Ellsworth Air Force Base in South Dakota.

Border security enhancements are included as well: "This bill also makes a significant investment in our border security," said Thune. Additionally, it seeks to bolster American energy independence by reversing current administration policies deemed hostile to conventional energy production.

Thune concluded with optimism about passing this legislation soon: "We’ve made a lot of progress on this bill...and I’m looking forward to finishing our work."