Tax Reform Advances with Approval from Noem’s Committee

Tax Reform Advances with Approval from Noem’s Committee

WASHINGTON, D.C. – Rep. Kristi Noem today joined the House Ways & Means Committee in approving the Tax Cuts and Jobs Act, setting the stage for the tax reform bill to be considered by the full House in the coming weeks. The legislation, which has found support from many South Dakotans, is expected to increase wages by 3.1 percent, add nearly 1 million jobs, and raise after-tax incomes by thousands of dollars, according to the non-partisan Tax Foundation. Meanwhile, the Joint Committee on Taxation found there would be “a tax benefit to all income categories,” and the Tax Policy Center found “the legislation would reduce taxes on average for all income groups.”

“It is the privilege of a lifetime to go through this tax reform plan line by line and fight for South Dakota priorities,” said Noem. “Today is an exciting day. This is the most significant step we’ve taken toward comprehensive tax reform in more than 30 years, and I’m proud of what we’ve put forward. It’s a plan that finally respects and rewards hard work. It delivers much lower tax rates and simplifies things enough so most people won’t need an army of accountants to pay their taxes or build their business. We’re making sure everyone starts playing by the same rules and can experience the benefits of higher wages and increased job creation. I look forward to continuing this debate in the full House and remain optimistic about what this plan can do for the hardworking people of South Dakota.”

8 Replies to “Tax Reform Advances with Approval from Noem’s Committee”

  1. Anonymous

    It must not be so great if the Senate has their own version. You also missed quoting this part:

    “The largest cuts, in dollars and as a percentage of after-tax income, would accrue to higher-income households. However, not all taxpayers would receive a tax cut under this proposal—at least 7 percent of taxpayers would pay higher taxes under the proposal in 2018 and at least 25 percent of taxpayers would pay more in 2027.”

    Reply
    1. Anne Beal

      In other words, 7% of taxpayers will have only a few months to alter their behavior to avoid paying higher taxes, 25% will have 9 years, and everybody else can just continue doing what they have always done.

      Reply
  2. Charlie Hoffman

    If the Federal Government; and all State Government’s, continue hiring more and more government employees who are immune to economic downturns expecting and receiving increased benefits and salaries from the private sector while the private sector is squeezed economically by recessions and economic negative years the private sector funds will disappear proportionally to the taxes taken.

    Reply
  3. Springer

    My first govt job was obtained because the agency was allotted another employee to hire, even though there was no work to do. And any work I did get took something away from another employee who didn’t have enough work of their own. I left that job as soon as i could and went to work at the VA where I was actually busy and needed. The first agency didn’t dare turn down the new hire because they might need someone later and wouldn’t be allowed if they turned down the money for a new hire even though they had no need. That’s just one problem with the federal govt. And the state operates the same way I have found out. They get away with it because they are not spending their own money; they are spending my tax dollars. How about the penny plan, where every agency would have their budgets cut by one penny per dollar. That would at least be a start.

    Reply

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