Expressing Support for Tax Policies That Support Working Families
Floor Speech
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Ms. TENNEY. Mr. Speaker, I am pleased to join my colleagues on tax day to celebrate a generational victory for American workers, families, and small businesses.
The working families tax cut signed into law last July Fourth was a game-changing event for Americans and especially people in my district in upstate New York, the highest tax State in the Nation, even higher than Mr. Thompson's district now as the Democrats in these two States continue to compete to raise our taxes.
This tax season, though, is really good news. I have heard from countless constituents and their families about the money they have saved already from President Trump's tax cuts. We doubled the standard deduction, increased the child tax credit to $2,200 per child. These are now permanent.
What does this mean in practice? A family of three welcoming a new baby into their lives can expect a tax refund of over $4,000, plus a $1,000 Trump Account deposit to jump start that child's financial future.
That is real money for food, diapers, clothes, and a future nest egg for that child. That is government working for families, not against them.
For nearly 90 percent of Americans who claim the standard deduction, this law delivers over $205 billion in new tax relief on top of what we already did in the Trump tax cuts in 2017.
I spent many years of my life managing and operating our family's small business. I know firsthand what it is like to struggle to make payroll and the stress that small business owners face every single day, especially in States like New York. This is why making the section 199A Qualified Business Deduction now permanent is a certainty for millions of Main Street businesses, small businesses, including sole proprietors, independent contractors, and tradesmen. It means these entrepreneurs can invest in their workers, plan for their future, and compete in a more dynamic marketplace.
Mr. Speaker, I thank President Trump, Speaker Johnson, and our great Chairman Smith for spearheading this effort to build on the successes of the Tax Cuts and Jobs Act and deliver the most significant tax relief for American workers and families in a generation. This has been a godsend for people in New York against the Democrats who are continuing to raise our taxes in the State of New York. I thank them for the relief.
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