Thune Discusses INVEST Act on CNBC, Fox News, and Senate Floor
Thune’s Pro-Growth Tax Reform Bill Would Benefit South Dakota’s Small and Medium-Sized Businesses, Including Farms and Ranches
WASHINGTON — U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, today discussed his Investment in New Ventures and Economic Success Today (INVEST) Act of 2017 (S. 1144), which wasintroduced earlier today, on CNBC, Fox News, and the Senate Floor.
In addition to joining CNBC and Fox News and speaking on the Senate floor, Thune also penned an op-ed on CNBC.com in which he said, “Forcing business owners, farmers, and ranchers to lock up their capital for years or even decades, as our current tax code does, discourages growth and job creation. We need to free these individuals up as much as possible to redeploy that hard-to-raise capital back into business expansion, increased wages, and new jobs.
“The weak economic growth of the past few years doesn’t have to be the new normal, but full economic recovery is only possible if we remove the obstacles facing our nation’s businesses. We need a tax code that works for American businesses, not against them.”
Thune told the Wall Street Journal, which also highlighted the INVEST Act, that “We have to work within the parameters of what’s achievable and what’s realistic… There will be different ideas coming in from different directions but eventually hopefully we’ll be able to distill all those and come up with something that can get 51 [votes] in the Senate.”
Thune on CNBC’s Squawk Box:
Click here to watch Thune on CNBC.
“Small and medium-sized businesses are very interested in speeding up cost recovery, getting them to get capital deployed, to invest more, and create jobs. Our bill basically gives them ways in which they can recover those costs more quickly – expansion of Section 179 expensing, making permanent the 50 percent bonus depreciation, allowing start-ups to deduct their costs at a higher level, and expanding the number of businesses that are eligible for cash accounting.”
Thune on Fox News’ Your World With Neil Cavuto:
Click here to watch Thune on Fox News.
“I’m interested in doing anything that will generate greater growth in the economy, because that solves so many problems. That gets us higher wages, better paying jobs, and obviously generates more government revenue at the same time.”
Thune on Senate Floor:
Click here to watch Thune’s floor speech.
“The faster a new business can recover its startup costs, the faster it can establish itself on a secure footing.
And entrepreneurs are far more likely to take the risk of starting a new venture if they know they will be able to recover their startup costs quickly. My bill would substantially increase the amount of a business’s startup costs that can be deducted in the first year, from $5,000 to $50,000. Plus, any additional startup costs could be deducted over a 10-year period, instead of the current 15. This would go a long way toward encouraging new business creation and the economic dynamism that comes along with it.”
Click here for a full topline summary of the INVEST Act, here for a section-by-section summary of the bill, and here for legislative text.
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