Majority Leader | Research | The Leader Board | THE NEWSR...Skip to primary navigation Skip to content×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER THUNE×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER THUNExxsearchxMENUFacebookXInstagramFacebookXInstagramVisit Leader Thune's South Dakota Site Here THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER THUNExxsearchxMENUHomeTHE NEWSROOMThe Leader Board02.11.26This National Inventors’ Day, America’s Innovators and Entrepreneurs Have a Lower Tax Burden and New Opportunities to Build in AmericaThanks to Republicans’ Working Families Tax Cuts, the People Who Pioneer American Ingenuity Can Create and Build Without Owing More to the Federal Government THE WORKING FAMILIES TAX CUTS LAW REDUCES TAX BURDENS FOR BUSINESSES OF ALL KINDS, ALLOWING THEM TO INCREASE WAGES FOR WORKERS, INVEST IN NEW EQUIPMENT, AND SPUR INNOVATIONRepublicans’ Working Families Tax Cuts law provides “new deductions for tipped and overtime income, an expanded child tax credit and standard deduction, and permanence for 100 percent bonus depreciation and domestic research and development (R&D) expensing.” (Tax Foundation: The One Big Beautiful Bill Cuts Taxes Across the US, New Analysis Finds – 8/13/25)The tax law promotes economic growth by incentivizing investment in small businesses, including:“Permanent small business deduction, enabling job creation and spurring local economic activity.”“Full expensing for new capital investments, like machinery and equipment, to boost domestic production.”“Full expensing for new factories and factory improvements to accelerate domestic manufacturing.”“Restor[ing] interest deductibility to a globally competitive standard to help finance critical domestic investments.” (U.S. Senate Committee on Finance: Working Families Tax Cuts – accessed 2/11/26)Businesses and manufacturers are now able to permanently and immediately expense 100% for research and development and their full interest costs. (U.S. Senate Committee on Finance: Working Families Tax Cuts – accessed 2/11/26)In 2025, “manufacturers in the United States perform[ed] 53.9% of all private-sector research and development in the nation, driving more innovation than any other sector.” (Real Clear Energy: The U.S. Senate Can Give American Manufacturers the Certainty They Deserve – 6/5/25)REPUBLICANS’ WORKING FAMILIES TAX CUTS LAW NOT ONLY PROTECTED MILLIONS OF JOBS, BUT WILL CREATE EVEN MORE ECONOMIC DEVELOPMENT“Congress has protected nearly 6 million jobs and more than $500 billion in wages for hardworking Americans. We thank them for their leadership.” – National Association of Manufacturers Executive Vice President Erin StreeterThis economic growth fuels higher wages and job creation:“More than 25.9 million small businesses now have increased confidence thanks to a permanent, pro-growth 20 percent deduction.”“Estimates find permanence will create 1.2 million jobs annually and boost small-business GDP by $750 billion over the next decade.”“The National Federation of Independent Business reports permanence has led to 16 percent of owners saying now is a ‘good time to expand,’ a significant jump from previous months. Additionally, 55 percent of small business owners reported making capital outlays, with many investing in new equipment, vehicles and the expansion of facilities.” (U.S. Senate Committee on Finance: Investing in Small Business and Rural America – accessed 2/11/26)“Real wages for workers will increase by as much as $7,200 per year.”“After-tax take-home pay for a typical family with two kids will increase by as much as $10,900 per year.”“At least 1.1 percentage points added to annual real GDP growth.” (White House: Analysis: One Big Beautiful Bill Will Boost Wages, Lower Deficits – 6/25/25)In addition to creating more jobs, the Working Families Tax Cuts law prevented job losses and economic downturn across the country, especially in the manufacturing sector:Saved 5.9 million American jobs, including 1.1 million in manufacturing.Prevented $540 billion in lost wages, including $126 billion in the manufacturing industry.Averted $1.1 trillion in lost GDP, including $284 billion in the manufacturing industry. (National Association of Manufacturers: Tax Increases Threaten American Jobs and Wages – accessed 2/11/26)ACROSS THE COUNTRY, COMPANIES HAVE ANNOUNCED PLANS TO EXPAND OR BUILD NEW FACTORIES“American companies can feel confident making major investments in new production facilities and other infrastructure now that we have instituted the permanent, pro-growth provisions of the Working Families Tax Cuts. Manufacturers are already responding accordingly, fueling America’s economic boom and creating good-paying jobs in their communities.” – Senate Finance Committee Chairman Mike Crapo (R-Idaho)“Stellantis announced a $13 billion investment in the U.S. — the largest single investment in the company’s history. The automaker plans to expand its U.S.-based production by 50% over the next four years, re-opening its plant in Belvidere (Illinois), and adding production at its Toledo (Ohio), Warren (Michigan), Detroit (Michigan), and Kokomo (Indiana) plants. The investment will bring 5,000 new jobs and the production of five new vehicles to the U.S.”“Whirlpool Corporation announced a $300 million investment in its U.S. laundry manufacturing facilities. The investment is part of the company’s commitment to ‘grow its American manufacturing footprint,’ and will create as many as 600 new jobs at its Ohio-based manufacturing facilities.” (White House: President Trump Continues to Drive an American Manufacturing Boom – 10/15/25)Since the Working Families Tax Cuts became law, “companies all over the country have expanded or announced construction of new factories:”“New pipe manufacturing facility in Idaho.”“New steel plant in Pennsylvania and expansion of existing one in Indiana.”“$2 billion manufacturing plant in North Carolina.”“$1.2 billion biologic medicines factory in Pennsylvania.”“$500 million investment in a California innovation center.”“$223 million rare earth magnet plant in Georgia.”“$457 million transformer production factory in Virginia.”“New Louisiana steel plant for U.S. auto production.”“$3 billion investment in home appliance plants in Kentucky, Alabama, Georgia, Tennessee, and South Carolina.”“$400 million chicken processing plant in Georgia.”“Doubled capacity at a California air taxi manufacturing plant.”“$75 million investment in a South Carolina engine plant.”“$4 billion new battery production factory in Kansas.” (U.S. Senate Committee on Finance: Working Families Tax Cuts Fuel American Manufacturing – 1/21/26)PrintEmailTweetNextPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER THUNEFacebookXInstagram
