Western South Dakota News

U.S. Senate Majority Leader John Thune addressed the media at a press conference, emphasizing the Republican Party's stance on tax policies affecting small businesses. As Small Business Week is observed nationwide, Thune highlighted the critical role these enterprises play in driving economic growth.

Thune noted that "99 percent of the businesses in this country are considered to be small businesses," underscoring their importance in job creation and investment. He pointed out that certain provisions from the 2017 Tax Cuts and Jobs Act, which aimed to incentivize small business growth, are set to expire at year's end.

"In the 2017 Tax Cuts and Jobs Act, there were clear provisions that were designed to ... provide incentives for our small businesses to invest and grow," Thune stated. He argued for making these measures permanent, citing projections from the National Federation of Independent Business suggesting potential job creation of up to 1.2 million annually if such steps are taken.

Conversely, Thune warned that failure to extend these tax cuts could result in a $600 billion tax increase for small businesses by year-end. He attributed responsibility for this potential hike to Democrats unless they collaborate with Republicans on extending the current tax legislation.

Thune concluded by affirming Republican commitment across all branches of government "to ensuring that we have conditions for our small businesses in this country that are favorable to economic growth."