“The Senate’s reconciliation bill will put more money in the pockets of South Dakota families and strengthen farms, ranches, and small businesses across our state for generations to come.”
WASHINGTON — U.S. Sen. John Thune (R-S.D.) today applauded the Senate’s passage of the Republicans’ reconciliation bill that will provide permanent tax relief for South Dakota families and small businesses, bolster the agriculture sector for farmers and ranchers across the state, and provide resources for the B-21 bomber mission at Ellsworth Air Force Base. The legislation will also make a generational investment in border security, increase American energy independence, and cut waste, fraud, and abuse in federal programs.
“The Senate’s reconciliation bill will put more money in the pockets of South Dakota families and strengthen farms, ranches, and small businesses across our state for generations to come,” said Thune. “This historic legislation delivers on a once-in-a-lifetime opportunity to make our country safer, stronger, and more prosperous, and I look forward to getting these pro-growth policies working for the people of South Dakota.”
Permanently extends the 2017 Republican-led tax cuts:
- Prevents a $2,500 tax hike on the average South Dakota family;
- Prevents a $5,125 tax hike on the average farm;
- Prevents the potential loss of 17,000 jobs in South Dakota; and
- Prevents 88,730 South Dakota small businesses from seeing their tax rates surge to 40 percent.
Puts even more money in the pockets of South Dakota families by:
- Permanently extending and expanding the nearly doubled standard deduction claimed by 413,980 families in South Dakota;
- Allowing seniors to reduce their taxes even further with a $6,000 boost to their standard deduction;
- Permanently extending and increasing the doubled child tax credit, which is claimed by 101,810 South Dakota families;
- Eliminating taxes on tips and overtime pay; and
- Increasing take-home pay by an estimate of $7,100 to $12,000 for the typical South Dakota family.
Strengthens South Dakota’s economy and incentivizes small businesses and family-owned farms to grow and invest in their workers by:
- Permanently increasing the estate tax exemption to $15 million for single filers ($30 million for married couples filing jointly) and indexing it to inflation to protect more family-run farms, ranches, and small businesses from this punitive tax and costly estate-planning expenses;
- Permanently extending the job-creating 199A small business deduction;
- Reinstating incentives for small businesses like immediate expensing for new equipment and for domestic research and development;
- Creating an estimated 40,000 additional jobs in South Dakota over the next 10 years; and
- Increasing long-run wages by an estimate of $5,400 to $10,300 for South Dakota workers.
Provides critical support for South Dakota’s agriculture producers and rural communities by:
- Delivering a modernized safety net to help provide the certainty that South Dakota’s agriculture producers require to feed and fuel our nation;
- Expanding access to standing disaster programs for South Dakota’s farmers, ranchers, and foresters;
- Reinvesting in critical conservation programs;
- Including funding for animal disease prevention to combat zoonotic disease like New World Screwworm, African Swine Fever, Foot and Mouth Disease, and Highly-Pathogenic Avian Influenza; and
- Investing in trade promotion for agricultural commodities to expand access to foreign markets.
Bolsters the mission at Ellsworth Air Force Base and makes our nation safer by:
- Providing $4.5 billion to expand production and expedite fielding of the B-21 bomber that will operate at Ellsworth Air Force Base; and
- Making a generational investment in U.S. border security, including finishing the border wall.
