{"database": "press", "table": "releases", "rows": [["https://www.thune.senate.gov//public/index.cfm/press-releases?ContentRecord_id=A2B63757-4503-4B4D-9F5B-73C7D56FA720", "Thune: Tax Reform Bill Nearing Finish Line", "2017-12-12", "2017", "2017-12", "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.), a member of the tax-writing Senate Finance Committee, today discussed the status of tax reform. The Senate passed its bill on December 2, which is currently being reconciled with the House version in the House-Senate conference committee, of which Thune is a member. Thune highlighted the fundamental principles of the bill, including doubling the standard deduction, doubling the child tax credit, and lowering rates.\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, it\u2019s a good week here in the Senate.\r\n\u201cWe\u2019re getting closer and closer to the finish line on tax reform.\r\n\u201cAnd that means we\u2019re getting closer and closer to real relief for the American people.\r\n\u201cOur legislation is going to cut tax bills for American families.\r\n\u201cIt\u2019s going to increase their wages.\r\n\u201cAnd it\u2019s going to give them access to new jobs and opportunities.\r\n\u201cThe tax bill the Senate passed December 2 would cut income tax rates for American families starting next month.\r\n\u201cIt would double the standard deduction.\r\n\u201cAnd it would double the child tax credit.\r\n\u201cThat would mean a substantially lower tax bill for American families next year.\r\n\u201cUnder our bill, a family of four making $73,000 would see a $2,200 tax cut.\r\n\u201cBut our bill doesn\u2019t just provide immediate relief for families.\r\n\u201cOur bill also sets families up for economic health for the long term by giving them access to higher wages, new jobs, and better opportunities.\r\n\u201cAnd how does it do this?\r\n\u201cBy improving the playing field for American businesses.\r\n\u201cIn 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\u201cBut our current tax code has not been helping businesses thrive.\r\n\u201cFor years now, our tax laws have left businesses of all sizes struggling under the burden of high tax rates and an outdated tax system that has left American businesses at a disadvantage in the global economy.\r\n\u201cSmall businesses employ nearly half of American workers and create a majority of the new jobs in this country.\r\n\u201cBut right now, small businesses face high tax rates that can make it difficult for these businesses to even survive, much less thrive and expand their operations.\r\n\u201cOur bill fixes this.\r\n\u201cTo start with, our bill implements a new deduction for pass-through businesses like partnerships, LLCs, and S corporations.\r\n\u201cThis deduction would allow them to keep more of their money, which would allow them to reinvest in their operations, increase wages, and hire new workers.\r\n\u201cOur bill also reforms current provisions in the tax code that frequently leave small businesses with very little cash on hand.\r\n\u201cUnder our legislation, small businesses would be able to recover the capital they\u2019ve invested in things like inventory and machinery much more quickly \u2013 and in certain cases, immediately.\r\n\u201cThis in turn would free up capital that small businesses could use to expand and create jobs.\r\n\u201cOur legislation also includes provisions I helped develop that would simplify accounting rules for small businesses, which would also help reduce their tax burden, leaving more of their earnings to reinvest in their businesses and their workers.\r\n\u201cMr. President, in addition to providing relief to small businesses, another thing our bill does to boost Americans\u2019 wages is lower our massive corporate tax rate.\r\n\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\u201cReducing the corporate tax rate would enable U.S. businesses to compete on a more level playing field, which would in turn free up money that U.S. businesses could use to create jobs and increase wages.\r\n\u201cThe White House Council of Economic Advisers estimates that reducing the corporate tax rate to 20 percent would increase wages for U.S. households by $4,000.\r\n\u201cThat\u2019s money that families could use to save for retirement, help pay for a child\u2019s education, replace an aging vehicle, or invest in their home.\r\n\u201cOur bill would also boost wages and increase opportunities for Americans by ending the outdated tax framework that is driving American companies to keep jobs and profits overseas.\r\n\u201cOur nation currently operates under a so-called worldwide tax system.\r\n\u201cThat 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\u201cThe problem with this is that American companies are already paying taxes to foreign governments on the money they make abroad.\r\n\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\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\u201cOur bill replaces our outdated worldwide tax system with a territorial tax system.\r\n\u201cUnder our legislation, American companies would no longer face the double taxation that has encouraged them to send their investments and their operations overseas.\r\n\u201cInstead, U.S. companies would have a strong incentive to invest their profits at home in American jobs and American workers.\r\n\u201cAll in all, the Tax Foundation estimates that in addition to increasing wages, our bill would create nearly 1 million new jobs for American workers and boost the size of the economy by 3.7 percent.\r\n\u201cMr. President, this week members of the House and Senate, myself included, are working on the final draft of comprehensive tax reform legislation.\r\n\u201cWe hope to send a final bill to the president next week.\r\n\u201cI\u2019m thankful to have been able to be part of this tax-writing effort.\r\n\u201cThe bill we\u2019re finalizing \u2013 which is the product of years of work by members of both parties \u2013 represents a once-in-a-generation opportunity to profoundly change the American people\u2019s lives for the better.\r\n\u201cOur tax bill will provide real, immediate, direct relief to Americans now.\r\n\u201cAnd it will give Americans access to the kind of jobs, wages, and opportunities they need for a secure and prosperous future.\r\n\u201cAfter years of economic stagnation, the bill we\u2019re drafting will usher in a new era of economic dynamism in this country.\r\n\u201cAnd it will send a message to the world that America is serious about competing and succeeding in the 21st century economy.\r\n\u201cMr. President, I\u2019m grateful to my colleagues on the House and Senate tax-writing committees for all the work they\u2019ve done to put together this legislation.\r\n\u201cAnd I look forward to working with my colleagues on the conference committee to finish our final draft and get the bill across the finish line.\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", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.thune.senate.gov//public/index.cfm/press-releases?ContentRecord_id=A2B63757-4503-4B4D-9F5B-73C7D56FA720"], "units": {}, "query_ms": 0.7410540711134672, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}