[Congressional Record Volume 172, Number 38 (Thursday, February 26, 2026)]
[Senate]
[Pages S691-S692]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
Trump Administration
Mr. THUNE. Mr. President, last July, Republicans passed the landmark
Working Families Tax Cut Act into law. This is a bill that is full of
wins for the American people. It delivers safer streets, puts more
money in Americans' pockets, and it creates new opportunities to get
ahead.
As they file their taxes this year, hard-working Americans are
beginning to see just how significant the tax relief is for them.
Last week, I was home in South Dakota, and I heard directly from
South Dakotans about the impact the Working Families Tax Cut Act is
having in our State.
I visited manufacturing facilities. I talked to business owners. I
even met with some accountants about what they are seeing as they file
returns for their clients. And one thing is clear, the Working Families
Tax Cut Act is working for South Dakota.
Last week, I joined a roundtable at Montgomery's in Sioux Falls by
the
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South Dakota Retailers Association. I heard from a number of local
businesses, from our car dealerships to a cupcake shop, and business
owners from around South Dakota had positive things to say about the
Working Families Tax Cut Act.
Todd Pharis, a Pizza Ranch franchisee in Sioux Falls, hailed the much
needed certainty provided by the new tax law. Pro-growth provisions
like bonus depreciation, research and development expensing, and the
199A small business deduction are now permanent, meaning businesses
like Todd's can plan for the future and invest in their operations and
in their employees.
Jim Lake, who owns car dealerships around South Dakota, said that 100
percent bonus depreciation enabled them to build a large addition to
one of his dealerships and hire 10 new employees.
The owner of Harms Oil also talked about the significant reinvestment
from bonus depreciation that benefits South Dakota businesses and the
communities they serve.
Paul Forst from Agtegra Cooperative talked about how the 199A small
business deduction is directly helping South Dakota farmers. He said
his cooperative has opted to pass more than $100 million in 199A
benefits directly to South Dakota farmers since the deduction was
created in 2017, and the farmers have invested that savings in new
equipment, infrastructure, and jobs.
Then there is the death tax relief that we passed. The death tax
relief that we passed--I mentioned that this roundtable was at
Montgomery's furniture store in Sioux Falls. And I think it is worth
noting that Montgomery's has been a family-owned business since 1888,
the year before South Dakota became a State. It is currently run by the
fourth and fifth generations in South Dakota. The sixth generation is
learning the ropes.
Family-run businesses like Montgomery's aren't unique in our State.
South Dakota is home to a number of family-owned businesses and family
farms and ranches that have been passed down from one generation to the
next.
Thanks to the working families tax cut, hard-working Americans who
run their own businesses are breathing a sigh of relief because this
landmark bill protects a lot more family-owned businesses from a
potentially devastating death tax bill when the business passes to the
next generation, as well as costly estate planning expenses. That is
something that matters to a lot of folks who came to the roundtable
last week and for business owners, farmers, and ranchers across South
Dakota.
I have talked this morning about how the working families tax cut
provides tax relief to South Dakota businesses. Those benefits are
significant, but I should note what most excited the business owners at
last week's roundtable wasn't the tax benefits for themselves; it was
the benefits that their employees and the customers are going to see.
Todd Pharis, the Pizza Ranch franchisee said this:
The two that are going to help us the most, or at least our
employees, are the no tax on tips and the no tax on overtime,
which will give our employees more money, and . . . we'll
actually be able to give them more overtime.
Melissa Johnson who owns Oh My Cupcakes! in Sioux Falls said of her
employees:
With the no tax on tips and no taxes on overtime, it has
already resulted in [my employees] having higher tax refunds
so they can buy things they need for their families. My head
chef just bought a baby crib because of a higher refund . . .
It's really affected my team in positive ways.
And Eric Sinclair who owns Montgomery's had this to say:
Anytime the general consumer can get more back in their
pocket with tax cuts, we hope they come into our stores and
maybe buy something nice for their home, make their
surroundings even more beautiful.
By all accounts, those bigger tax refunds are beginning to land in
hard-working Americans' bank accounts. The IRS is reporting a
significant increase in the average refund this year. And just
recently, I got this message from a retiree in South Dakota who wrote:
Just did my income taxes. Putting more money in my pocket
than last year . . . I am not a billionaire or a millionaire
or even a hundreds of thousands thousandaire--just a retired
senior citizen who appreciates that the middle class gets a
break once in a while.
That is what the working families tax cut is all about. Whether you
are a small business owner, a farmer, a rancher, or a senior citizen,
or someone just trying to make ends meet and provide for your family,
the working families tax cut puts more money in your pocket empowering
Americans to spend, invest, and save their money how they see fit. And
it is setting our country and the American people up for a much
brighter future.
I yield the floor.
I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The senior assistant legislative clerk proceeded to call the roll.
Mr. THUNE. 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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