U.S. Sen. John Thune (R-S.D.) today led a press conference with his Senate Republican colleagues highlighting how the Democrats’ $3.5 trillion reckless tax-and-spending spree will raise taxes on middle-class Americans. Thune stressed that the proposed double death tax on family-run operations will crush the agricultural industry, and Senate Republicans will do everything they can to defeat it. In July, Thune led the entire Senate Republican conference in urging President Biden to abandon his effort to impose a capital gains tax increase on family-owned businesses, farms, and ranches.
Excerpt of Thune’s remarks below:
“We know what’s coming next, and that is the Democrats’ reckless $3.5 trillion tax-and-spending spree, and we know it’s going to raise taxes on middle-income Americans. I am particularly concerned and interested in this subject because agriculture is our number one industry in South Dakota, and farmers and ranchers stand to bear the brunt of a lot of these tax increases.”
“We are going to do everything that we can to stop it. We are going to stand with middle-income Americans who are going to be hit, and again, bear the burden of paying for all [these] new massive increases in spending that the Democrats are proposing.”