Northeast South Dakota News

U.S. Senate Majority Leader John Thune (R-S.D.) recently addressed the Senate floor, focusing on a new legislative package and its implications for American taxpayers. Thune emphasized the importance of the Trump administration's rescissions package, which aims to eliminate wasteful spending in the federal budget. "Reining in waste, fraud, and abuse in the federal government is a priority shared by President Trump and by Senate Republicans," he stated.

Thune highlighted that two weeks prior, Republicans had passed significant legislation with permanent tax relief as its core component. He asserted that this bill ensures Americans retain more of their income to use as they choose. "This bill delivers big for working families in every corner of this country," he said.

He addressed criticisms suggesting that the bill benefits only billionaires and large corporations, countering with data showing substantial advantages for middle-income earners and those making less than $50,000 annually. "It's middle-income Americans who get the biggest benefits from the tax cuts," Thune noted.

The senator elaborated on various aspects of the bill beneficial to specific groups such as waitresses, police officers, farmers, ranchers, and senior citizens. The bill includes provisions like lower tax rates across all income levels and increased child tax credits. It also introduces a $6,000 bonus deduction for seniors and deductions related to overtime pay.

Farmers and ranchers are expected to benefit significantly from measures like full expensing for new equipment purchases. The death tax threshold has been raised to $15 million, easing financial burdens on family farms.

Thune concluded by underscoring his belief that this legislation would alleviate financial stress for many Americans while transforming the tax code to better support them. "A tax code...that enables the American people to save, invest, and spend more of their hard-earned money how they see fit – rather than sending it to Uncle Sam."