Mr. President, well, today is tax day. It is not a day that conservatives usually celebrate, but this year it is a little bit different. And that is thanks to the working families tax cuts, the Big Beautiful Bill, that are allowing…
Mr. President, well, today is tax day. It is not a day that conservatives usually celebrate, but this year it is a little bit different. And that is thanks to the working families tax cuts, the Big Beautiful Bill, that are allowing individuals to keep a lot more of their hard-earned money.
And as we have this discussion on tax day, it is imperative that we remember government doesn't create jobs, it creates the environment for jobs growth.
Government is not the one that is generating income. All of that comes from hard-working taxpayers. They send their hard-earned tax dollars here to Washington, DC. And today is a day we should be mindful of the imperative that we should be good stewards of the taxpayer dollar.
Now, one of the things that we heard so much about during the Biden administration was, every time you turned around, taxes were going up; inflation was going up because taxes were going up; and government spending was going up.
Well, things have changed. Things have changed. And as I said, because of the tax cuts in the Big Beautiful Bill, what we know is, citizens are seeing more money stay in their pocketbook without having to send it to DC.
What we also know is, tax refunds this year are up 24 percent, just over $3,500--$3,500--for most refunds. A big reason why is that almost half of the filers are claiming new tax breaks that were created in the working families tax cuts, Big Beautiful Bill.
So think about that. Half of the filers are benefiting from the bill that every single one of our Democrat colleagues voted no on that bill.
Now, Americans who claim these added deductions are seeing refunds that are $775 higher than they were last year, and as we think about that, that is more money in your pocketbook for groceries, for gas, for car payments, for education expenses, for clothing, for things that your family wants to do with your hard-earned money.
Now, earlier today, we heard from our IRS head, and what we heard from
Mr. Bisignano is that they are really executing the mission that was put before them to drive efficiency, to process these claims, to answer questions, and to make certain that people know they can set those withholdings lower, and when they have got a deduction coming, they know how to claim that deduction, and that they get those refunds faster.
We should keep in mind that all of this is happening because of President Trump and because Republicans, indeed, have put the American people first.
They have put these hard-working taxpayers first. That is what people want to see, put them at the first of the queue. They deserve it.
Now, if we had not passed the working families tax cuts, Big Beautiful Bill, last spring and summer, we would have had a $4 trillion tax hike. Think what that would be doing to you right now if your taxes had gone up, if those escalation rates had kicked in, things had gone up. And what we do know is that while our colleagues across the aisle, the Democrats, wanted to see Americans pay more in taxes, that what that equates to is, there would be fewer jobs; there would be lower wages; and I think one of the big ones, especially when you talk about a State like mine, Tennessee, where small business is your largest employer, then there would be less opportunity.
But because we passed that bill last summer, there is more opportunity. And our small business employers, people that are there on Main Street, are prospering, and businesses are growing.
Now, I do want to highlight some of these provisions that our Democratic colleagues chose to vote against. What we put in the working families tax cuts, the Big Beautiful Bill, that is yielding these deductions that about half of the tax filers are taking is this--this is one that I have worked on for years--and it is the bonus deduction for every senior. And for 88 percent of our Social Security recipients, it has eliminated all the income tax they have on that Social Security.
Now, I actually printed out that page from the 1040 form, and I think it is so important to see. Section 5 has that enhanced deduction for seniors. So it is, for every senior, a $6,000 deduction. If you and your spouse are both over 65, that is a $12,000 deduction, but it is part 5, when you get to the point that you are filling out this form, and all the instructions are right there. That is a really big deal. And what we know is that because of this provision, seniors are saving $670.
Now, think about that. If you are a senior and you are using that deduction and you are represented by Democrats, they voted against that. They voted against allowing you to have a $6,000 bonus deduction. And what we know is that 30 million seniors have already used that--30 million seniors. According to Mr. Bisignano, it is the most used of all the deductions. It is money in your pocket.
Now, there are millions of workers who are seeing lower taxes on tips and overtime. With the new tips deductions, senior filers are seeing a savings of $1,370. Some have gone as high as $5,500. These are savings that are leaving money in your pocket.
But, again, every single Democrat in this Chamber, every single one voted against that. So if you are a worker who uses and receives tips, they voted against that. If you are a senior who works with tip income, they voted against your senior deduction, and they voted against your deduction with tips.
Now, we also know that children that are born can do Trump Accounts. They are eligible for that $1,000 seed account. These accounts will grow all through that child's life. This is a way they can have money for education or for a first home or keeping that account and letting it grow until they are ready for retirement.
But if you have a baby that was born this year, a child or a grandchild, every Democrat voted against--against--their having that nest egg.
So how wonderful it would be if these children came out of college debt-free. How wonderful would it be if they had that money for a downpayment. And think about overtime work. We have so many Americans that work overtime. Again, they are benefiting, but the Democrats voted against no tax on overtime.
And they also voted against the enhanced child tax credit, which benefits more than 40 million American families. So if you have children that are under 18 and you are taking that enhanced child tax credit, you are looking at that, and you see when you get to that bottom line and you look at your total deductions, your total credits, Democrats voted against that.
You know, it is so interesting, they think they should have the right of first refusal on your money. They think they know better what to do with your money than you do. They say: Send more of it to DC, and we will put it where we want it. But what we know is that the American people want to keep their money and keep it in their pocket.
Now, we also have a deduction for interest that is paid on ``Made in America'' vehicles. That is an important thing. So if you bought a car this past year, that interest on that car payment, you are going to be able to deduct every penny.
The Democrats also voted against the permanent extension of the lifetime gift tax exemption. Now, in Tennessee, this was very important to us for family farms. We raised that to $15 million per individual for a couple that has a family farm or maybe a small business manufacturing company. That is $30 million. So they will be able to pass that company and its assets on to their children and grandchildren so that they can continue to run this business.
But, bear in mind, every Democrat in this Chamber voted no. They voted against your being able to take what you have worked hard for, to build, to build that company, to carry on the legacy of that farm.
They voted against your being able to do that. They voted against an increase to the standard deduction. That is used by 90 percent of all filers. So as you fill out your tax form, remember, the Democrats said you don't deserve it, they do. They want your money. They don't want you to keep your money so they voted against raising the standard deduction.
They voted against the permanent extension of the 2017 tax cuts for businesses, which fueled investment across America.
You know what, they really have been the ``no'' caucus when it comes to cutting taxes. They have been the ``no'' caucus when it comes to allowing you to live your version of the American dream.
What they want, they want that control; they want that power. They want to be able to say: Give it to us. Let us decide what to do with your money. And, oh, by the way, they want more of it. They want you to have less.
They want more so they can waste it in the name of programs that by and large many have outlived their usefulness for the American people.
So this is tax day. We should be grateful for President Trump's leadership. Without him, there would be no Working Families Tax Cut; there wouldn't have been that Big Beautiful Bill. So instead of celebrating historic refunds, Americans, if the Democrats had been in charge, if they had their way, would be struggling to pay another $4 trillion in taxes. Think about that one.
I am so pleased that we were able to get these taxes passed, signed, sealed, delivered, and signed into law, and that on this tax day, tens of millions of Americans are celebrating increased deductions, increased tax credits, and more money in their pockets because of larger refunds.
I yield the floor.