Hoeven Meets with Treasury Secretary Mnuchin to Continue Efforts to Pass Tax Relief for Hardworking North Dakotans, Small Businesses, Farmers and Ranchers

WASHINGTON – Senator John Hoeven today met with U.S. Treasury Secretary Steven Mnuchin to continue working to provide tax relief for hardworking North Dakota families and small businesses. Hoeven highlighted the importance of ensuring that the tax package lowers rates for working Americans and small businesses.

“Secretary Mnuchin and I had a good meeting to talk about the importance of passing tax reform that modernizes and simplifies the tax code,” said Hoeven. “I really drove home the importance of providing tax relief for hardworking, middle-income Americans, as well as our small businesses, including our farmers and ranchers. They’re the ones that create the majority of jobs in our economy and as they do so, they push wages and income higher 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
    • Also 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 for small businesses, farmers and ranchers.
    • Maintains 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.