Hoeven Outlines Importance of Tax Relief for North Dakota Small Businesses, Farmers and Ranchers on Senate Floor
Senator Working to Pass Tax Reforms to Help Individuals and Families Get Ahead
WASHINGTON – Senator John Hoeven today spoke on the floor of the U.S. Senate to outline the importance of reforming the tax code to grow the nation’s economy while providing relief for the North Dakota families, farmers and small businesses.
“This country was built on hard work, by individuals and families who strive each and every day to make ends meet, provide for their loved-ones and plan for retirement,” said Hoeven.
“Our tax framework will help individuals and families in North Dakota and across the country get ahead by generating new jobs through sustained economic growth, while lowering the overall tax burden, and putting more money back in their pockets,” the senator continued.
Hoeven highlighted the importance of tax reform for North Dakota small businesses and farmers and ranchers.
“While we have fostered a business friendly environment in North Dakota, the federal tax code continues to place an undue burden on the nearly 71,000 small businesses that operate in our state- a staggering 95.8 percent of all employers in the state,” said Hoeven. “For these small businesses, nearly 30,000 of whom are family farmers and ranchers, the marginal tax rate can reach as high as 44.6 percent - nearly twice the average rate of the rest of the industrialized world.”
The senator’s priorities for 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.
Hoeven recently met with U.S. Treasury Secretary Steven Mnuchin to discuss tax reform and to outlined priorities, including:
- 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
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