[Congressional Record Volume 171, Number 117 (Tuesday, July 8, 2025)]
[Senate]
[Page S4244]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
ONE BIG BEAUTIFUL BILL ACT
Mr. THUNE. Mr. President, in the runup to last year's elections,
Republicans made some promises to the American people. We promised to
turn the page on the failures of the last 4 years, to help working
families and to get our economy moving, to make our country stronger
and more secure. Last week, we delivered legislation that will help
fulfill those promises. That starts with permanent tax relief for hard-
working Americans.
Back in 2017, during the first Trump administration, Republicans
passed the Tax Cuts and Jobs Act, legislation that cut Americans' tax
rates, doubled the child tax credit, and nearly doubled the standard
deduction. But without action from Congress, a substantial part of the
Tax Cuts and Jobs Act would have expired this year, and that would have
meant a huge tax hike for hard-working Americans--some $2,500 for
people in my State of South Dakota.
We were determined not to let that happen--not next year, not ever--
and I am proud that our bill permanently extends all of the individual
tax relief from the Tax Cuts and Jobs Act. That means lower tax rates
for every income level, permanently, an enhanced $2,200 child tax
credit that is now linked to inflation, and the higher standard
deduction.
And we did more than that. We included no tax on overtime, no tax on
tips, an even bigger standard deduction for seniors, and new investment
accounts that will help the next generation get a running start on
their American dream. In a word, the American people will be able to
keep more of their hard-earned money instead of sending it to the
Federal Government in Washington, and they will have the freedom to
spend, invest, and save more of their own money how they see fit.
In addition to providing permanent relief for American families, our
bill is about getting our economy moving again. The 2017 Tax Cuts and
Jobs Act had our economy firing on all cylinders: more jobs, higher
wages, companies large and small investing in America. The 2017 tax
cuts transformed the Tax Code so that it would encourage growth, and it
worked, but not all of that reform was permanent until now.
Now, with the bill we passed last week, all of the 2017 pro-growth
reforms are a permanent fixture of our Tax Code. That includes lower
rates for small- and medium-sized businesses, the job-creating 199A
small business deduction, and investment incentives that free up cash
for small businesses, farmers, and ranchers to invest in their
operations and in their employees. And, once again, we went even
further than the 2017 reforms. We included full expensing for new
factories and factory improvements to fuel economic growth and made-in-
America goods and jobs.
And we included an even higher death tax threshold that will spare
more family farms, ranches, and businesses from a potentially
devastating tax, not to mention the expense of planning for it.
Any bill that is about a stronger, more prosperous America would be
incomplete if it didn't make America's farmers and ranchers stronger.
Agriculture is the lifeblood of this country, but the last few years
have been incredibly challenging for our agricultural producers. Our
bill tackles those challenges head-on by bolstering programs that
farmers and ranchers depend upon. It raises reference prices for every
covered commodity; it expands crop insurance coverage and
affordability; and it supports risk management, disaster assistance,
conservation programs, and critical research and disease prevention
programs that are essential to a robust agriculture sector.
With this bill, Republicans are also making America more secure. We
are ending the era of open borders by making a generational investment
in border security. We are finally finishing the border wall. We are
hiring more border agents and giving them the tools they need to keep
illegal immigrants and illegal drugs out of our country. And we are
hiring more ICE officers and enhancing our capacity to detain and
deport criminal illegal immigrants who have taken up residence in our
country.
We are also making a major investment to bolster our national defense
and build a military that can defeat the threats of today and tomorrow.
We are boosting shipbuilding, expanding our Air Force fleet, and
investing in drones and counterdrone technology. We are restoring our
defense production capacity so that we can make more munitions here in
America. We are protecting the homeland with missile defense and
nuclear modernization--and more. Our bill is no substitute for robust
yearly defense funding, but it gives us a head start on the long-term
investments necessary to turn our readiness deficiencies around and
ensure that America's military is the strongest in the world for years
to come.
One often overlooked part of our national security is our energy
security, and our legislation will help ensure that America has a
reliable and affordable energy supply for the long term. Our bill also
helps deliver on Republicans' promise of a smaller and smarter
government. Our bill achieves $1\1/2\ trillion in Byrd-compliant
savings, including the first real entitlement reform in decades--reform
that will put the programs in question on a more sustainable path for
today's recipients and for tomorrow's.
I am proud that Republicans are delivering on our promises to the
American people, and I can't wait to see our policies begin working to
help build a safer, a stronger, and a more prosperous country. It is
going to be great.
I yield the floor.
I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The legislative clerk proceeded to call the roll.
Mr. SCHUMER. Mr. President, I ask unanimous consent that the order
for the quorum call be rescinded.
The PRESIDING OFFICER. Without objection, it is so ordered.
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