John Thune: “we are 4 weeks away from the new year and from the date that the 2017 tax relief for Americans was set to expire. Back…”

“we are 4 weeks away from the new year and from the date that the 2017 tax relief for Americans was set to expire. Back in 2017, of course, Republicans passed a huge tax-relief package. We lowered tax rates for every income group, we doubled the child tax credit, and we nearly doubled the standard deduction. But all of that was scheduled to expire at the end of this year. Without action, Americans would have seen their tax rates increase and the child tax credit shrink by 50 percent. A typical family would have seen their taxes go up by about $1,700 a year. In my State of South Dakota, a typical family would have seen a $2,500 tax increase. Republicans were determined not to let that happen, so a priority for 2025 became extending the 2017 tax relief--but not just extending it, making it permanent. We didn't want hard-working Americans to have to worry every few years that their tax bills were suddenly going to soar. So in July, we passed the Working Families Tax Cut to make permanent the 2017 tax relief. We made those lower tax rates permanent, we made the increased standard deduction permanent, and we made the increased child tax credit permanent. But we didn't stop there. We expanded the child tax credit even further and indexed it to inflation so that its value will never go down.”