Hoeven Holds Tax Reform Roundtable in Fargo
Senator Outlines Senate Draft Tax Relief Provisions Important for North Dakotans
FARGO, N.D. – Senator John Hoeven today held a tax reform roundtable in Fargo to gather input. The senator highlighted important provisions in the draft Senate legislation to provide tax relief for hardworking, middle-income North Dakota families and local businesses, including the state’s manufacturers, exporters and agriculture industries.
“Tax reform is not just about putting more money in the pockets of hardworking, middle-class Americans, but also spurring economic growth by lowering rates for our farmers, ranchers, small businesses and North Dakota industries,” said Hoeven. “As the Senate continues its work on a tax reform package, I appreciate this opportunity to hear directly from North Dakotans, including local small businesses and our state’s key industries about the importance of tax relief. We’re working to pass tax reform to grow our economy, create good jobs and raise wages for workers.”
The draft Senate tax relief bill:
- Reduces the tax burden on hardworking American taxpayers.
- Provides a net tax cut of about $1,500 for a median income family of four.
- Increases the standard deduction for individuals to $12,000 and married couples to $24,000.
- Increases the standard deduction for a single parent with dependents to $18,000.
- 9 out of 10 taxpayers will likely use the expanded standard deduction.
- Doubles the Child Tax Credit to $2,000 per child.
- Benefits to Small Businesses, Farmers and Ranchers
- For the first five years, allows full expensing or writing off the cost of new investments.
- Expands the Section 179 expensing of equipment on a permanent basis.
- Doubles the estate tax exemption, while maintaining the step-up in basis for capital gains.
- Maintains interest deductibility as well as the property tax deduction for small businesses, farmers and ranchers.
Hoeven has been meeting with North Dakotans around the state to gather input on tax relief. Yesterday, the senator met with small business owners in Bismarck and he has repeatedly spoken on the Senate floor to outline tax reform priorities for the nation’s farmers and ranchers. The senator has also held a series of roundtable discussions with the North Dakota small businesses and farmers and ranchers to gather input and advance tax reform.
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