{"database": "press", "table": "releases", "rows": [["https://www.thune.senate.gov//public/index.cfm/press-releases?ContentRecord_id=67BDDB39-7CCA-4148-B1C1-E932B9973449", "Thune: Senate Tax Reform Bill Provides More Relief for Middle-Income Americans", "2017-11-15", "2017", "2017-11", "Republican", "House", "SD", "John Thune", "T000250", "www.thune.senate.gov", null, null, "legacy", "WASHINGTON\u00a0\u2014\u00a0\r\n\t\t\r\n\t\t\r\n\t\tU.S. Sen. John Thune (R-S.D.) today discussed the Senate\u2019s tax reform plan, which is currently being considered in the Senate Finance Committee, of which he\u2019s a member. Thune touted a recent Politico article stating that middle-income people would see the largest decline in their tax bills, according to an analysis released by the nonpartisan Joint Committee on Taxation.\r\nThune also expressed his support for modifications that were made to the original bill by Orrin Hatch (R-Utah), chairman of the Senate Finance Committee, which include Republican and Democrat amendments and will provide even more relief to middle-income American families.\r\nTo learn more about Thune\u2019s work on tax reform, please visit the tax reform section on www.thune.senate.gov.\r\nThune\u2019s remarks (as prepared for delivery):\r\n\u201cMr. President, on Sunday, Politico offered this headline: \u2018Middle Class Biggest Winners in Senate Tax Plan, Study Says.\u2019\r\n\u201cThe article goes on to say, and I quote, \u201cModerate-income people would consistently see the largest percentage declines in their tax bills, according to an analysis released late Saturday by the official, nonpartisan Joint Committee on Taxation.\r\n\u201c\u2018In 2019, people in the middle of the income spectrum, earning between $50,000 and $70,000, would see their taxes fall by 7.1 percent. Those earning between $20,000 and $30,000 would see a 10.4 percent decline \u2026\u2019\r\n\u201cMr. President, this is what we set out to achieve with the Senate tax bill we released last week: real relief for American families.\r\n\u201cAnd that\u2019s what our bill delivers.\r\n\u201cI don\u2019t need to tell anyone that the American people have had a rough few years.\r\n\u201cStagnant wages and a lack of opportunities have left many American families stretched thin.\r\n\u201cA recent survey found that 50 percent \u2013 50 percent \u2013 of voters consider themselves to be living paycheck to paycheck.\r\n\u201cAnd about one-third of voters say they are just $400 away from a financial crisis.\r\n\u201cBut real help is on the way.\r\n\u201cLast night Chairman Hatch released a revised bill that provides even more relief for middle-class families.\u00a0\r\n\u201cI applaud Chairman Hatch for his work on this revised bill that includes Republican and Democrat amendments and reflects feedback we have received from the whole Republican Conference.\r\n\u201cOur bill provides immediate, direct relief to hardworking Americans.\r\n\u201cOur bill doubles the standard deduction.\r\n\u201cThat means beginning in January a family making $24,000 or less per year won\u2019t be paying any taxes.\r\n\u201cAnd families making more than $24,000 will be paying significantly less than they\u2019re paying today.\r\n\u201cOur bill also doubles the child care tax credit from $1,000 to $2,000 per child.\r\n\u201cWe all know raising children is expensive.\r\n\u201cAnd this provision will provide a significant tax cut to families across the country.\r\n\u201cI want to thank Senators Scott, Heller, Rubio, and Lee for their leadership on this issue.\r\n\u201cTheir advocacy for expanding the child tax credit will result in substantial tax relief for working families.\r\n\u201cBut, Mr. President, \u00a0that\u2019s just the beginning of what this tax bill is going to do for American families.\r\n\u201cWe\u2019re not just going to ensure that Americans can keep more of their hard-earned money.\r\n\u201cWe\u2019re also going to ensure that they can make more of it.\r\n\u201cOur bill is not just going to cut Americans\u2019 taxes:\r\n\u201cIt\u2019s also going to give Americans access to the kind of jobs, wages, and opportunities that will set them up for a secure future.\r\n\u201cSo how does that work?\r\n\u201cWell, in order for individual Americans to thrive economically, we need American businesses to thrive.\r\n\u201cThriving businesses create jobs.\r\n\u201cThey provide opportunities.\r\n\u201cAnd they increase wages and invest in their workers.\r\n\u00a0\u201cBut our current tax code is not helping businesses thrive.\r\n\u00a0\u201cIt\u2019s doing the opposite.\r\n\u00a0\u201cIt\u2019s strangling both small and large businesses with high tax rates.\r\n\u00a0\u201cSmall businesses are incredibly important for new job creation.\r\n\u00a0\u201cBut right now the high tax rates small businesses face can make it difficult for these businesses to even survive, much less thrive and expand their operations.\r\n\u00a0\u201cOur bill will fix this.\r\n\u00a0\u201cTo start with, our bill implements a new deduction for businesses that will allow them to keep more of their money, which will allow them to reinvest in their operations, increase wages, and hire new workers.\r\n\u00a0\u201cOur bill also reforms a number of current provisions in the tax code that frequently leave small businesses with very little cash on hand.\r\n\u00a0\u201cUnder our legislation, small businesses will be able to recover the capital they\u2019ve invested in things like inventory and machinery much more quickly \u2013 in certain cases, immediately \u2013 which will free up capital that they can use to expand and create jobs.\r\n\u00a0\u201cOur legislation also includes provisions I helped develop that will simplify accounting rules for small businesses, which will also help reduce their tax burden, leaving more of their earnings to reinvest in their businesses and their workers.\r\n\u00a0\u201cMr. President, in addition to cutting rates for small businesses, our bill also reduces our corporate tax rate.\r\n\u00a0\u201cOur nation\u2019s corporate tax rate is currently the highest in the industrialized world, which puts U.S. businesses at a major disadvantage next to their international competitors.\r\n\u00a0\u201cBy reducing the corporate tax rate, our bill will enable U.S. businesses to compete on a more level playing field with their competitors, which will in turn free up money that U.S. businesses can use to create jobs and increase wages.\r\n\u00a0\u201cThe White House Council of Economic Advisers estimates that reducing the corporate tax rate to 20 percent will increase average household income by $4,000 annually.\r\n\u00a0\u201cOur bill also ends the outdated tax framework that is driving American companies to keep jobs and profits overseas.\r\n\u00a0\u201cOur nation currently operates under a so-called worldwide tax system, which means that American companies pay U.S. taxes on the profit they make here at home, as well as on part of the profit they make abroad, once they bring that money back to the United States.\r\n\u00a0\u201cThe problem with this is that American companies are already paying taxes to foreign governments on the money they make abroad.\r\n\u00a0\u201cThen when they bring that money home, they can end up having to pay taxes again on part of those profits, and at the highest tax rate in the industrialized world.\r\n\u00a0\u201cIt\u2019s no surprise that this discourages businesses from bringing their profits back to the United States to invest in their domestic operations, new jobs, and increased wages.\r\n\u00a0\u201cBetween 1983 and 2003 \u2013 when the U.S. tax rate was much more competitive with those of other countries \u2013 there were 29 corporate inversions where U.S. companies moved abroad.\r\n\u00a0\u201cBetween 2003 and 2014 \u2013 when other countries were dropping their corporate tax rates and shifting to territorial tax systems \u2013 there were 47 such inversions.\r\n\u00a0\u201cOur bill addresses this drag on our economy by moving from our outdated worldwide tax system to a territorial tax system.\r\n\u00a0\u201cBy shifting to a territorial tax system \u2013 a move, I should note, that has been supported by members of both parties \u2013 we eliminate the double taxation that encourages companies to send their investments and their operations overseas.\r\n\u00a0\u201cCombine that with the reduction in our high corporate tax rate, and our bill provides a strong incentive for U.S. companies to invest their profits at home in American jobs and American workers instead of abroad.\r\n\u00a0\u201cAll in all, the Tax Foundation estimates that in addition to increasing wages, our bill will create nearly 1 million new jobs for American workers.\r\n\u00a0\u201cMr. President, the legislation we unveiled last week is the product of years of work here in the Senate \u2013 work by members of both parties.\r\n\u00a0\u201cI hope my Democrat colleagues will join us to advance this bill, which is partly the result of their labors.\r\n\u00a0\u201cThis is the kind of chance we all dreamed of when we came to Washington \u2013 a once-in-a-generation chance to make a real difference in the lives of ordinary Americans.\r\n\u00a0\u201cTo substantially improve their lives today and give them access to a brighter, more secure, and more prosperous future.\r\n\u00a0\u201cMr. President, I look forward to debating this bill over the next few weeks and getting a final version to the president\u2019s desk.\r\n\u00a0\u201cIt\u2019s time to give the American people a tax code that works for them.\u201d", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", 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