WASHINGTON - Senator John Hoeven today released the following statement after voting against a resolution that would have undermined the Tax Cuts and Jobs Act (TCJA), tax relief legislation passed by Congress in 2017.
'This was an effort to undermine the Tax Cuts and Jobs Act that would have benefitted high-tax states at the expense of states like North Dakota,' said Hoeven. 'We passed tax relief legislation to enable hard-working individuals and families to keep more of their paychecks, and to provide small businesses, including our farmers and ranchers, with tax relief. The tax relief legislation has been good for North Dakotans.'
According to the Tax Policy Center, North Dakotans benefited the most from the tax relief legislation, with tax filers seeing an average 10.8 percent, or $2,170, tax cut.
Hoeven worked to ensure that the Tax Cuts and Jobs Act provided relief for North Dakota small businesses. The senator worked to ensure that farmers and ranchers received tax relief and to broker an agreement to maintain the Section 199 provision in a way that worked for agriculture.
The Tax Cuts and Jobs Act made the American tax system more competitive by:
Lowering rates across-the-board for hard-working Americans and families.
Providing significant relief for North Dakota small businesses, farmers and ranchers, empowering them to invest in their operations, hire more workers and increase demand for labor.
Allowing businesses to fully expense or write off the cost of new investments for the next five years.
Continuing tax deductions for home mortgage interest and property taxes to encourage individuals to purchase homes, and maintaining interest deductibility and the property tax deduction for small businesses.
John Hoeven published this content on 23 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2019 23:04:01 UTC