When small businesses grow and thrive, so too does our nation. The Working Families Tax Cuts helped small businesses across our nation breathe easier and have offered them the opportunity to plan with more certainty and confidence. As a reminder, if this critical legislation had not passed, small businesses would have seen their taxes spike by over 40%. We understand how crippling of a blow that would be to so many. Thanks to the commonsense policies of President Trump and our Republican majorities in Congress that were embedded in the Working Families Tax Cuts, that dystopian outcome never came to fruition.

Here are just a few examples from the Ways and Means Committee of how our legislation is helping small businesses, and Main Street overall, grow bigger and stronger:

• Permanent 20 Percent Small Business Deduction: The nation’s 36 million small businesses and their over 63 million workers will get permanent tax relief that creates over 1 million new small business jobs and spurs $750 billion in economic growth from American small businesses.
• Raising Small Business Expensing: Small businesses can immediately expense $2.5 million of capital purchases annually, doubling the limit prior to the Working Families Tax Cuts.
• 100 Percent Immediate Expensing: Allows small businesses to immediately deduct the cost of domestic research and development (R&D), making small businesses more productive.
• Greater Interest Deductibility: Small businesses can deduct more loan interest, especially helpful during a period of elevated interest rates.

These results speak for themselves, and they underscore how the pro-growth policies that Republicans continue to champion are making a positive impact upon the nation. As I mentioned to you in my newsletter last week, Americans are experiencing this positive change that they so deserve, and they’re reaping the benefits of our pro-growth policies. There’s a lot more work to do in the coming months, and you can rest assured that I’ll continue to be a strong voice for the commonsense policies that are helping accelerate our nation’s positive trajectory.

A Jump Start on Saving

The Working Families Tax Cuts helped create a new way for parents, guardians, and other authorized individuals to establish a new type of individual retirement account for their children: Trump Accounts. These accounts were explicitly established for American children who have not reached the age of 18. According to Treasury Secretary Scott Bessent, since the enactment of this law, close to five million children have been signed up for these accounts. This is great news all around.

To learn more about Trump Accounts, click here.

A Piece of American History

Recently, Supreme Court Justice Clarence Thomas gave an impassioned speech at the University of Texas to commemorate the 250^th anniversary of the Declaration of Independence – it is well worth your time to watch. In his remarks, he stressed the importance of embracing liberty and espousing the same magnitude of courage and clarity that was present during the American Revolution. Here’s a short excerpt:

“The Constitution is the means of government; it is the Declaration that announces the ends of government. The Constitution achieves this purpose by protecting our natural rights and liberties from concentrated power and excessive democracy. Our Constitution creates a separation of powers and federalism—truly for the first time in modern history—to prevent the government from becoming so strong that it threatens our natural rights.”

To watch Justice Thomas’ full speech, click here.

Quote of The Week

“Someone is sitting in the shade today because someone planted a tree a long time ago.”

- Warren Buffett

Have a blessed weekend,