Hoeven Holds Tax Reform Roundtable with Bismarck Small Businesses
BISMARCK, N.D. – Senator John Hoeven today held a tax reform roundtable with local small business owners to highlight important provisions in the draft Senate legislation to provide tax relief for hardworking, middle-income North Dakota families and small businesses, including farmers and ranchers. The full Senate is expected to begin debate on the legislation after Thanksgiving.
“We’re focused on providing tax relief for hardworking, middle-income families that enables them to keep more of their paycheck,” said Hoeven. “Tax reform also needs to work for our small businesses, including our farmers and ranchers, because they are the engine of our economy. Lowering rates and modernizing the code will empower our businesses to grow, create jobs and increase wages for workers. The Senate is continuing to work on legislation to do just that and I appreciate having the input of North Dakota’s small businesses.”
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 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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