Hoeven Marks Sixth-Month Anniversary of Tax Cuts and Jobs Act Passage

Tax Relief Legislation Lowers Rates Across-the-Board; Provides Relief to Small Businesses, Farmers & Ranchers; Empowers Economic Growth & Increased Wages

WASHINGTON, D.C. – Senator John Hoeven today issued the following statement to mark the six-month anniversary of the Senate’s passage of the Tax Cuts and Jobs Act.

“Our tax relief legislation has delivered tangible benefits and higher take-home pay for North Dakota’s workers and their families,” said Hoeven. “In fact, more than a dozen companies representing thousands of employees in our state have announced wage increases and bonuses, as well as increased charitable giving, as a direct result of this tax relief, which comes on top of the bill’s benefits to everyday North Dakotans. That means more money in the economy, an increase in good-paying jobs, more financial security for families and a higher quality of living across our state.”

The Tax Cuts and Jobs Act makes the American tax system more competitive and lays the groundwork for a stronger economy, increased wages and job creation by:

  • Lowering rates across-the-board for hard-working Americans and families.
  • Providing significant relief for North Dakota small businesses, farmers and ranchers, empowering them to invest in their operations, hire more workers and increase demand for labor. 
  • Allowing businesses to fully expense or write off the cost of new investments for the next five years. 
  • Continuing tax deductions for home mortgage interest and property taxes to encourage individuals to purchase homes, and maintaining interest deductibility and the property tax deduction for small businesses.

These factors, in combination with regulatory relief, will help spur economic growth and increase government revenues over time to support the nation’s priorities and help reduce the debt and deficit.