Western South Dakota News

U.S. Senate Majority Leader John Thune recently addressed the Senate floor, emphasizing the significance of small businesses in the U.S. economy during Small Business Week. He stated, "Mr. President, this is Small Business Week," highlighting the importance of entrepreneurs and innovators in communities across America.

Thune underscored the efforts by Republicans and the Trump administration to support small business owners through legislative measures such as making the 2017 Tax Cuts and Jobs Act permanent. According to Thune, "One of our top priorities this year is making the 2017 Tax Cuts and Jobs Act permanent." He pointed out that provisions from this act, like lower tax rates and investment incentives, had previously bolstered small businesses by reducing their tax burdens.

He warned against potential economic setbacks if these provisions expire at the end of this year: "And if we don’t extend the Tax Cuts and Jobs Act, small businesses will face a $600 billion tax hike in 2026." Thune advocated for permanence in these policies to encourage long-term investment and growth.

Thune also discussed regulatory relief as another priority for supporting small businesses. He mentioned actions taken by Congress using the Congressional Review Act to block what he described as burdensome regulations from the Biden administration: "Congress has blocked a number of burdensome Biden-era regulations through the Congressional Review Act."

The Senator highlighted efforts to repeal certain rules that he believes would impose heavy burdens on small businesses. For example, he noted initiatives against specific Biden administration regulations on commercial appliances that could have increased costs for small business owners.

Reflecting on his personal experiences working in family-run businesses during his youth, Thune expressed gratitude for those lessons learned: "I’ll always be grateful for the lessons I learned getting my start working in small businesses."

Thune concluded by reiterating his commitment to supporting small businesses alongside his Republican colleagues in Congress: "Because when small businesses succeed, Mr. President, we all succeed."