On the recordJune 28, 2025
as I said earlier and I predicted earlier, our Democrat colleagues have come out totally mischaracterizing this bill. So let me just go through this again very slowly so that they can watch it and listen. The question really is, Is this a bill that helps working Americans or is this a bill that helps billionaires? Again, let me just pause on the irony that it wasn't too long ago when they were saying millionaires until they themselves realized that they became millionaires. Forgive me. Different topic. If you take out a car loan for an American-made automobile and you can deduct that interest, the bill, in the text, specifies that you cannot make more than $100,000 per year. I think by definition, somebody who makes less than $100,000 a year is not a billionaire. So it is indisputable that that part of the bill does not help billionaires; it helps working Americans. Notice that was not addressed. Second, no tax on overtime. I don't think there are a lot of billionaires that punch a clock. That is clearly something that helps working Americans. No income tax on tips. Once again, I don't see a lot of billionaires serving us at restaurants or taking care of us at nail salons or barbershops. It is clearly something that helps working Americans. As I predicted, they did not address that particular provision. No tax on Social Security, and that is capped at $150,000 in income-- again, by definition, not a billionaire. A $5,000 tax increase is prevented.…
Source
govinfo.gov




