Hoeven Meets with U.S. Treasury Secretary Mnuchin to Outline Tax Relief Priorities

WASHINGTON – Senator John Hoeven this week met with U.S. Treasury Secretary Steven Mnuchin to outline his priorities for tax relief legislation. 

“Reforming our tax code will help families and businesses across our state and nation, and get our economy going and growing,” said Hoeven. “Secretary Mnuchin and I had a good discussion about our priorities for tax reform and the importance of providing tax relief for individuals and families. Tax reform will grow our economy, create more jobs and help increase wages for workers.”  

The senator’s priorities on tax reform are to reduce compliance costs for businesses and families by simplifying the code, bringing down rates and broadening the tax base to ensure stable revenues. This will allow continued funding for the nation’s priorities while increasing government revenues over the long run through efficiency and economic growth.

Specifically, Hoeven outlined the importance of the following:

  • Reducing the tax burden on individuals and small businesses including farmers and ranchers
  • Repealing the estate tax, while maintaining the step-up in basis for capital gains
  • Increased expensing for farmers and other small business owners
  • The treatment of interest deductibility