Hoeven Outlines Tax Reform Priorities for Farmers and Ranchers on Senate Floor
Senator Working to Ensure Tax Relief Works for Agriculture
WASHINGTON – Senator John Hoeven today spoke on the Senate floor to outline important tax reform priorities for the nation’s farmers and ranchers. Last week, Hoeven held a series of roundtable discussions with farmers, ranchers and other small businesses in North Dakota to gather input and advance tax relief that will benefit individuals, families, agriculture producers and small businesses, while also helping to grow the economy and boost wages for workers.
“Tax reform is about getting the American economy going again, creating jobs and opportunity here at home,” said Hoeven. “In North Dakota, that means ensuring that tax relief works for our farmers and ranchers. Agriculture is number one in our state and the right tax reforms will help our producers meet the challenges they face and continue to provide food, fuel and fiber to meet our needs.”
Today on the Senate floor, Hoeven stressed the importance of including the following provisions to provide tax relief for the nation’s farmers and ranchers:
- Reduce the tax burden on individuals and small businesses including farmers and ranchers.
- The framework limits the maximum tax rate for small and family-owned businesses to 25 percent.
- Provide relief from the estate tax, while maintaining the step-up in basis for capital gains.
- Increase expensing for farmers and other small business owners.
- The framework allows businesses to immediately expense or write off the cost of new investments for at least five years. This will benefit small businesses, including the state’s farmers and ranchers.
- Maintain the Section 179 expensing of equipment
- Maintain interest deductibility for small businesses.
- Maintain the property tax deduction.
The senator’s priorities on tax reform are to reduce costs for families and businesses 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.
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