Hoeven: Tax Relief Will Enable Working Families to Keep More of Their Paycheck, Empower Small Businesses

Hoeven Joins Senators, Secretary Mnuchin, Tax Reform Advocates to Outline Importance of Tax Relief

WASHINGTON –Senator John Hoeven today joined with Treasury Secretary Steven Mnuchin, a group of his colleagues and tax reform advocates to highlight the importance of passing tax reform that enables working Americans to keep more of their hard-earned pay and empowers small businesses, including the nation’s farmers and ranchers, to grow and invest.  

“We have a once in a generation opportunity to reform our outdated and complex tax code and most importantly provide much needed tax relief for our nation’s families and small businesses – including the many farmers in my home state of North Dakota,” said Hoeven. “Tax reform will help individuals and families get ahead by generating new jobs through sustained economic growth, while lowering the overall tax burden and putting more money back in their pockets.”

Hoeven was joined by Secretary Mnuchin, as well as senior leaders from Americans for Tax Reform, the National Taxpayers Union, Americans for Prosperity, and the Heritage Foundation. 

Hoeven has been working to secure the following provisions to provide tax relief for North Dakotans:

  • Reduce the tax burden on individuals and small businesses, including farmers and ranchers.
  • Provide relief from the estate tax, while maintaining the step-up in basis for capital gains.
  • Increase expensing for small business owners, including Section 179 expensing of equipment, which is important for farmers.
  • Maintain interest deductibility for small businesses.
  • Maintain the property tax deduction. 

Recently, Hoeven worked to pass and voted in favor of the Fiscal Year 2018 Budget Resolution, the necessary first step in enacting tax relief for individuals and families. The House of Representatives then passed the Senate Budget Resolution. Approval of the budget resolution will help Congress stay on track to pass tax reform and provide relief for the American people. 

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 North Dakota small businesses and farmers and ranchers to gather input and advance tax reform.