WORKING FAMILIES TAX CUT ACT

On 2026-04-15, Senator Charles E. Schumer (D-NY) delivered a floor speech titled "WORKING FAMILIES TAX CUT ACT" in the Senate. The speech addressed the economy and also covered taxes, labor policy. It referenced legislation including S1747, S1748.

WORKING FAMILIES TAX CUT ACT

Congressional Record, Volume 172 Issue 66 (Wednesday, April 15, 2026) [Congressional Record Volume 172, Number 66 (Wednesday, April 15, 2026)] [Senate] [Pages S1747-S1748] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] WORKING FAMILIES TAX CUT ACT Mr. THUNE. Mr. President, I don't know a lot of people who look forward to April 15. No. I suspect tax day doesn't rank high on Americans' favorite days of the year, but I would wager that a lot more Americans were pleasantly surprised this year when they went to file their taxes because thanks to Republicans' Working Families Tax Cut bill, a lot more Americans kept a lot more of their hard-earned money this year. That is right. Hard-working Americans saw lower tax bills. Tax refunds increased by more than 10 percent compared to last year, and the average refund is more than $3,400 this year thanks to Republicans' tax cuts. As the American people have now seen firsthand, the Working Families Tax Cuts provided significant tax relief. First of all, it locked in the lower rates permanently. In 2017, Republicans lowered rates--tax rates--across the board, and as of last year, these new lower rates are now permanent which means that hard-working Americans won't have to worry about a higher tax bill in the years to come. We also nearly doubled the standard deduction in 2017. The Working Families Tax Cuts raised it even further and made that permanent too. And then there is the child tax credit which Republicans doubled in 2017. The [[Page S1748]] Working Families Tax Cuts raised it again to $2,200. And Republicans didn't just raise the child tax credit, we linked it to inflation so it doesn't lose its value over time. That, too, is a permanent feature of the Tax Code thanks to Republicans' landmark bill. The Working Families Tax Cuts also introduced a number of new tax relief provisions into the Tax Code. This tax season, more than 30 million seniors claimed a new $6,000 bonus deduction for older Americans. Over a million people bought a new American-made car and were able to deduct an average $1,800 in auto loan interest on that new vehicle. More than 25 million American workers were able to deduct overtime pay from their taxes and realize thousands of dollars in tax savings. And over 6 million workers deducted income from tips this tax year. With all that, a lot more Americans were looking at a bigger refund when they finished their tax returns, and they are thinking about the best use of that additional money in their pocket: Saving for their first home, investing in their kids' education, taking a family vacation, using their money how they see fit rather than sending it to Uncle Sam. As its name implies, the Working Families Tax Cuts focuses on working families. But this bill also did a lot to support America's small businesses as well as family farms and ranches. Thanks to Republicans' landmark bill, 12 million small businesses saw an average tax reduction of $7,000. This bill made the 199A small business deduction permanent, which has been a significant boost for small businesses and for family farms and ranches. One agriculture co-op in my State of South Dakota estimates its impact at over $100 million since it was created by Republicans in 2017. Millions of small businesses, farms, and ranches were able to use this provision and reduce their tax bill this year freeing up money to invest in their operations and employees, create jobs, and increase innovation. That is not all. The working families tax cuts made 100-percent bonus depreciation permanent too, which allows businesses and farmers and ranchers to deduct the full cost of a new piece of equipment the year they start using it. Permanent research and development expensing is already paying dividends for businesses in my State. A lot of farmers, ranchers, and small business owners breathed a sigh of relief when they heard that this bill raised the death tax threshold and spared them--spared them--from a potentially devastating tax bill, not to mention from the costly estate planning expenses that come with it. Since Republicans passed this landmark bill last summer, we have heard Democrats' typical refrain that this bill was just tax cuts for billionaires. That is laughable. It really is. The largest proportional benefits from this bill went to Americans earning less than $50,000 a year. The increased standard deduction from this bill is something that was claimed by more than a 100 million Americans this year to reduce and simplify their taxes. More than 34 million American families claimed the child tax credit this year, which the working families tax cuts permanently increased and linked to the cost-of-living. And nearly half of filers--half of filers--claimed one of the new tax cuts--no tax on tips and overtime, auto loan interest, or the senior deduction. Millions of middle-income Americans saw a lower tax bill this year, and that is no fluke. The working families tax cuts puts these hard- working Americans first. It lets them keep more of their hard-earned money to spend, invest, and save how they see fit. It helps hard- working people get one step closer to the American dream. I yield the floor. I suggest the absence of a quorum. The PRESIDING OFFICER. The clerk will call the roll. The senior assistant legislative clerk proceeded to call the roll. Mr. SCHUMER. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. The PRESIDING OFFICER. Without objection, it is so ordered. ____________________