Discussion · Senate
Chuck Grassley Republican
“Republicans passed a tax cut law last year that stopped a massive tax hike. It cut taxes for families, seniors, and businesses, and it ended taxes on tips and overtime. It also created new savings accounts for kids, which are already helping families and businesses save millions of dollars for the next generation.”
“Mr. President, last year, my Republican colleagues and I enacted the Working Families Tax Cut Act, which prevented the largest tax hike in our Nation’s history. Not a single Democratic Senator voted for it. This bill made permanent tax reforms that were enacted in 2017 and expanded on that 2017 tax bill, allowing taxpayers to keep more of their hard-earned money. This included provisions that reduced tax bills of individuals and families as well as pro-growth tax policies critical to boosting domestic business and employee wages. Without the 2025 tax bill, we would have had the largest tax increase in the history of the country. Now, this Working Families Tax Cut Act also fulfilled President Trump’s campaign promises to have no tax on tips, no tax on overtime, and expanded tax relief for our senior citizens. It also increased and indexed the child tax credit, and it allowed for the deduction of interest on car loans. Truly, this is a working family tax bill cut. But a great new tax exemption was created to encourage savings and particularly to start at an early young age. The law has in it an innovative new savings tool for children under 18 called Trump Accounts. These new savings accounts opened for contributions on July 5 and, according to the White House, over the next 5 days, families invested $125 million in these new accounts for children. In addition to family contribution, there are over 50 companies committed to offer Trump Account contributions for children of their own employees. Moreover, a growing list of philanthropists and nonprofits are pledging to make donations to Trump Accounts. Just as one example, Michael and Susan Dell have pledged to contribute $250 to the first 25 million accounts established for children 10 and under. The Working Families Tax Cut is lowering tax bills. It is, at the same time, invigorating the economy and at the same time helping a new generation build financial security. I yield the floor. I suggest the absence of a quorum.”
Mr. President, last year, my Republican colleagues and I enacted the Working Families Tax Cut Act, which prevented the largest tax hike in our Nation’s history. Not a single Democratic Senator voted for it. This bill made permanent tax reforms that were enacted in 2017 and expanded on that 2017 tax bill, allowing taxpayers to keep more of their hard-earned money. This included provisions that reduced tax bills of individuals and families as well as pro-growth tax policies critical to boosting domestic business and employee wages. Without the 2025 tax bill, we would have had the largest tax increase in the history of the country. Now, this Working Families Tax Cut Act also fulfilled President Trump’s campaign promises to have no tax on tips, no tax on overtime, and expanded tax relief for our senior citizens. It also increased and indexed the child tax credit, and it allowed for the deduction of interest on car loans. Truly, this is a working family tax bill cut. But a great new tax exemption was created to encourage savings and particularly to start at an early young age. The law has in it an innovative new savings tool for children under 18 called Trump Accounts. These new savings accounts opened for contributions on July 5 and, according to the White House, over the next 5 days, families invested $125 million in these new accounts for children. In addition to family contribution, there are over 50 companies committed to offer Trump Account contributions for children of their own employees. Moreover, a growing list of philanthropists and nonprofits are pledging to make donations to Trump Accounts. Just as one example, Michael and Susan Dell have pledged to contribute $250 to the first 25 million accounts established for children 10 and under. The Working Families Tax Cut is lowering tax bills. It is, at the same time, invigorating the economy and at the same time helping a new generation build financial security. I yield the floor. I suggest the absence of a quorum.