{"database": "openregs", "table": "congressional_record", "rows": [["CREC-2025-06-18-pt1-PgS3454-3", "2025-06-18", 119, 1, null, null, "One Big Beautiful Bill (Executive Session)", "SENATE", "SENATE", "SEXECSESSION", "S3454", "S3455", "[{\"name\": \"John Thune\", \"role\": \"speaking\"}, {\"name\": \"Thom Tillis\", \"role\": \"speaking\"}]", "[{\"congress\": \"119\", \"type\": \"HR\", \"number\": \"1\"}]", "171 Cong. Rec. S3454", "Congressional Record, Volume 171 Issue 105 (Wednesday, June 18, 2025)\n\n[Congressional Record Volume 171, Number 105 (Wednesday, June 18, 2025)]\n[Senate]\n[Pages S3454-S3455]\nFrom the Congressional Record Online through the Government Publishing Office [www.gpo.gov]\n\n                         One Big Beautiful Bill\n\n  Mr. THUNE. Mr. President, on Monday afternoon, the Senate Finance\nCommittee released the text of the centerpiece of our reconciliation\nbill, making the tax relief we passed in 2017 permanent.\n  The 2017 Tax Cuts and Jobs Act reduced tax rates for every income\nbracket, doubled the child tax credit, and nearly doubled the standard\ndeduction. That, of course, meant more money in Americans' pockets.\n  But those lower tax rates and the larger standard deduction and the\nchild tax credit are set to expire at the end of this year, and if we\ndon't take action, American families will be facing a massive tax hike\nstarting in 2026. Americans making less than $400,000 a year would face\na $2.6 trillion tax hike. A typical family of four making $80,000 would\nneed to send an additional $1,700 to Uncle Sam--$1,700.\n  Republicans promised the American people that we won't let that\nhappen. With the release of the Finance Committee text, we are one step\ncloser to delivering on that promise. Our bill will extend the Tax Cuts\nand Jobs Act's lower tax rates. It will extend the doubled child tax\ncredit. It will extend the nearly doubled standard deduction--but not\njust extend them, Mr. President, make them permanent.\n  Extending the lower tax rates or the standard deduction was never\ngoing to be enough for Republicans. We are making the lower tax rates\nand the doubled child tax credit and the increased standard deduction\npermanent so that American families do not have to worry about another\nlooming tax hike a few years down the road. And we are actually going\neven further by increasing the child tax credit by another $200--again,\non a permanent basis.\n  Mr. President, that is not all we are doing. We are always going to\nmake life better for the American people by growing our economy. In\naddition to cutting tax rates for hard-working Americans, the Tax Cuts\nand Jobs Act also implemented historic reform of the business side of\nthe Tax Code. We lowered tax rates for owners of small and medium-sized\nbusinesses, farms, and ranches and made it easier for them to recover\nthe cost of investing in their businesses, which in turn freed up cash\nfor them to invest in their operations and their workers.\n  We lowered our Nation's massive corporate tax rate--which, prior to\nthe Tax Cuts and Jobs Act, was the highest corporate tax rate in the\ndeveloped world--to make American businesses more competitive in the\nglobal economy and empower them to invest in wages and benefits for\ntheir workers. And we brought our international tax system into the\n21st century so that American businesses would no longer be operating\nat a disadvantage next to their foreign counterparts.\n  Mr. President, it worked. In the wake of the Tax Cuts and Jobs Act,\nour economy grew at a substantially better rate than projected. Real\nwages increased, unemployment fell to a 50-year low, the poverty rate\nfell to the lowest level ever recorded, and business investment\nincreased. Everywhere you looked, there was positive economic news.\n  When we passed the Tax Cuts and Jobs Act, we were able to make some\nof that business tax relief permanent. But like the individual tax\nrelief, other provisions have either already expired, are expiring at\nthe end of this year, or are in the process of phasing out. That\nincludes lower tax rates for small and medium-sized businesses, the\nsection 199A small business tax deduction, and full expensing for new\ncapital investment and domestic research and development. Our\nlegislation will permanently extend these key provisions.\n  In between these and other new pro-growth policies, like a provision\nto boost domestic manufacturing by implementing full expensing for new\nfactories and factory improvements, we can expect to see further\neconomic growth and more jobs and opportunities for American workers.\n  The Council of Economic Advisers, which accurately predicted the\neconomic and wage growth that we achieved in the wake of the Tax Cuts\nand Jobs Act, is forecasting 2.9 percent to 3.5 percent long-run GDP as\na result of our legislation. That means more jobs, better wages--as\nmuch as a $13,327 increase for a typical family--and more opportunities\nfor American workers. It also means more revenue for the Federal\nGovernment--but revenue created the right way, through economic growth,\nnot through higher taxes.\n  And I should mention that, yesterday, the Congressional Budget Office\nreleased a new H.R. 1 analysis, which characteristically underestimates\nthe economic growth--and hence the revenue--this bill will provide.\nCBO, the Congressional Budget Office, did the same thing with the Tax\nCuts and Jobs Act, when it estimated revenues would be $1.5 trillion\nlower than what they have actually been.\n  The Council of Economic Advisers, by contrast--which was most\naccurate in its modeling of the Tax Cuts and Jobs Act's effects,\nincluding its effect on revenue--tells us that passage of our\nlegislation will increase Federal revenues by $4.1 trillion, more than\nenough to offset the CBO's deficit estimate.\n  Mr. President, in addition to promising to make the 2017 tax relief\npermanent, President Trump outlined multiple other tax proposals on the\ncampaign trail--proposals which were endorsed by the American people\nwith his strong win in November. And with this bill, we are delivering\non those promises.\n  We are suspending taxes on tips for millions of tip workers. We are\nsuspending taxes on overtime for millions of hourly workers. We are\nsuspending taxes on auto loan interest when you buy a new car\nmanufactured in the\n\n[[Page S3455]]\n\nUnited States. And we are increasing the standard deduction for\nmillions of low- and middle-income seniors, making their retirement a\nlittle easier and more prosperous.\n  We are also implementing a program to create savings accounts for\nnewborns, with an initial deposit of $1,000 to help parents save and\ninvest for their children's future needs.\n  Mr. President, everything we are doing in this bill is for the sake\nof making America stronger and more prosperous. And nowhere is that\nmore true than when it comes to the tax portion--the centerpiece--of\nour bill. The tax provisions in our bill--from the permanent extension\nof the lower tax rates to the increased child tax credit, to the\npermanent tax relief for small and medium-sized businesses--will help\nbring security to American families and prosperity to our country.\nWorking Americans--working Americans--are going to have a better life\nbecause of this legislation.\n  I am proud to be a part of permanently extending and upgrading the\nTax Cuts and Jobs Act. With that, I want to thank Chairman Crapo and\nhis members on the Senate Finance Committee for their incredible work\non the tax portion of our upcoming bill. I look forward to delivering\npermanent tax relief for hard-working Americans and American businesses\nin the very near future.\n  I yield the floor.\n  I suggest the absence of a quorum.\n  The PRESIDING OFFICER. The clerk will call the roll.\n  The assistant bill clerk proceeded to call the roll.\n  Mr. TILLIS. Mr. President, I ask unanimous consent that the order for\nthe quorum call be rescinded.\n  The PRESIDING OFFICER. Without objection, it is so ordered."]], "columns": ["granule_id", "date", "congress", "session", "volume", "issue", "title", "chamber", "granule_class", "sub_granule_class", "page_start", "page_end", "speakers", "bills", "citation", "full_text"], "primary_keys": ["granule_id"], "primary_key_values": ["CREC-2025-06-18-pt1-PgS3454-3"], "units": {}, "query_ms": 8.30861006397754, "source": "Federal Register API & Regulations.gov API", "source_url": "https://www.federalregister.gov/developers/api/v1", "license": "Public Domain (U.S. Government data)", "license_url": "https://www.regulations.gov/faq"}