Noem Welcomes SD Producer to Testify on Tax Reform before Key Committee
Scott VanderWal, Volga Farmer and President of South Dakota Farm Bureau, Appears before House Ways & Means Committee
Washington, D.C. – Rep. Kristi Noem, the first South Dakotan in history to serve on the House Ways & Means Committee, today welcomed Scott VanderWal to testify before the committee about tax reform’s impact on small businesses, including farms and ranches.
“Because of the financial risk ag operations incur year after year, farmers and ranchers in South Dakota are often disproportionately impacted by bad tax policy,” said Noem. “As we continue to dive deeper into the tax code and the reforms it requires, South Dakota agriculture needs to have a seat at the table. I am grateful to Scott for sharing his farm’s story and his perspective on the areas of tax reform that are critical for the continued success of South Dakota’s farms, ranches, and small businesses.”
“Congress, and the Committee on Ways and Means in particular, is to be commended for moving forward with comprehensive tax reform designed to spur growth of our nation’s economy,” said VanderWal. “Many of the provisions within the committee’s tax reform blueprint will be beneficial to farmers. While improvements can still be made, the reduced income tax rates, reduced capital gains taxes, immediate expensing for all business inputs except land, and the elimination of the estate tax are critical. I’m grateful to Rep. Noem and the committee for the opportunity to visit about how tax reform will impact America’s small businesses, including farms and ranches.”
According to the independent Tax Foundation, the House GOP Tax Reform Blueprint discussed at today’s hearing would increase the annual income for median households in South Dakota by $4,791.
Included in the proposal is language based on Rep. Noem’s Death Tax Repeal Act, which would permanently repeal the Death Tax. The blueprint also outlines a plan that would lower tax rates for individuals and businesses, simplify the tax code, and reform the IRS.
###
VanderWal says “…and the elimination of the estate tax are critical”.
The exemption before taxes begin to be paid on an estate is about 11 million dollars per couple. Please stop pretending like this is about small business and family farms. It is not.
And I am waiting for anyone on this site to explain just when people like the Waltons of Walmart, or Warren Buffet, will be paying taxes on their hundreds of billions of wealth if the estate tax is repealed? They have not yet paid significant taxes on their “income” because they have not sold their stock or businesses. Without the estate tax, they won’t. Neither will their heirs.
I must continue to pay income taxes because I am salaried, but they won’t be burdened by any such thing. Are you kidding me? Some sympathy for us regular folks, please.
Just like Leona said, “We don’t pay taxes. Only the little people pay taxes.”