Recent Press Releases

Thune Discusses Scott Bessent’s Vision for a Thriving, Competitive Economy

“I am committed to working with Mr. Bessent and the Trump administration to continue to protect American businesses and ensure that we do not enter into agreements that put U.S. businesses at a disadvantage next to their foreign counterparts.”

January 27, 2025

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WASHINGTON — U.S. Senate Majority Leader John Thune (R-S.D.) today delivered the following remarks on the Senate floor:

Thune’s remarks below (as delivered):

“Mr. President, later today we will hold a vote on the nomination of Scott Bessent to be treasury secretary.

“An example of the American dream in action, Mr. Bessent rose from challenging economic circumstances to a career in the world of finance.

“And he brings a wealth of private-sector experience in the economy and markets to his new role, as well as a concern for the needs of working Americans.

“Mr. President, during President Trump’s first administration, we passed major tax relief legislation.

“The Tax Cuts and Jobs Act reformed our nation’s outdated tax code, lowered tax rates across the board, nearly doubled the standard deduction, doubled the child tax credit, and enacted pro-growth policies for American businesses of all sizes.

“As a result, the economy took off, and our nation became more competitive.

“Household incomes increased, and the [un]employment rate hit its lowest level in 50 years.

“Now, however, a lot of that tax relief is close to expiring, and without action, American families and businesses will face a staggering $4 trillion tax hike next year.

“And at the top of the Republican agenda is extending that tax relief to help our economy and the American people thrive.

“I deeply appreciate the fact that Mr. Bessent shares that commitment.

“And I am looking forward to working with him on extending the Tax Cuts and Jobs Act.

“I am also looking forward to working with him to help ensure that American businesses, large and small, remain competitive in the global economy.

“Over the last four years, we’ve witnessed the Biden administration embrace the Organisation for Economic Co-operation and Development and negotiate with nations around the world on a Pillar Two global minimum tax regime.

“All, I might add, without consulting Congress, and, I would argue, without fully appreciating the damage to the United States’ own tax base and our ability to set tax policy for U.S. multinational firms.

“The Tax Cuts and Jobs Act helped create an environment where American businesses could thrive on the global stage.

“And I’m committed to working with Mr. Bessent and the Trump administration to continue to protect American businesses and ensure that we do not enter into agreements that put U.S. businesses at a disadvantage next to their foreign counterparts.”