Hoeven on Senate Floor: Senate Tax Reform Provides Working North Dakotans, Small Businesses with Tax Relief
Legislation Will Spur Economic Growth, Help Raise Wages
WASHINGTON – Senator John Hoeven continued working to pass tax relief for hardworking North Dakota families and small businesses, including the state’s farmers and ranchers. The senator spoke on the Senate floor to highlight important priorities in the Senate’s draft bill that will enable middle-income individuals and families to keep more of their paychecks.
“We’ve been working to provide middle class Americans with tax relief that will enable them to keep more of their hard earned money so they can invest in the future,” said Hoeven. “At the same time, by lowering rates on our small businesses and our farmers and ranchers, we’re empowering and growing our economy which will create good jobs and raise wages for workers. That’s why we continue working to pass this tax relief plan.”
The Senate Tax Relief Package:
Reduces the tax burden on hardworking American taxpayers.
- Provides a net tax cut of about $2,200 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.
The senator has repeatedly spoken on the Senate floor to outline tax reform priorities. Additionally, earlier this fall, the senator held a series of roundtable discussions in Minot, Grand Forks and Bismarck with the North Dakota small businesses and farmers and ranchers to gather input.
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