John Thune: “Next year, 2.6 trillion small businesses will face a $600…”

“Mr. President, the issue before us is simple. If we don't act, Americans making less than $400,000 will face a $2.6 trillion tax hike. Next year, 2.6 trillion small businesses will face a $600 billion tax hike. Republicans do not intend to let that happen. We're going to extend the tax relief we passed during President Trump's first administration, starting with the lower individual rates that put more money in Americans pockets and ease the burden on small businesses.” (00:35–00:44)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.