Hoeven: Senate Tax Relief Plan Enables Working Families to Keep More of Their Paycheck; Supports Small Businesses, Farmers and Ranchers
WASHINGTON –Senator John Hoeven today released the following statement after the Senate draft tax relief bill was released. Hoeven has been working to secure provisions important to North Dakota in the tax reform plan, which will be considered by the Senate Finance Committee then brought before the full Senate for debate.
“Tax reform is all about modernizing and simplifying our tax code to enable working Americans to keep more of their hard-earned money, while at the same time lowering taxes to empower our small businesses to grow and compete,” Hoeven said. “The Senate tax relief draft lowers rates for individuals and small businesses, including our farmers and ranchers, which is good for North Dakota and good for our nation.”
Hoeven highlighted the following provisions that he worked to include in the 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.
- 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.
- 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.
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