U.S. SENATE —U.S. Senator Steve Daines today released the following statement after announcing plans to move the Senate tax cuts bill to the U.S. Senate floor for debate.
“There has been some good progress for Main Street businesses in the tax cut bill,” said Daines. “I was able to secure more than 60 billion in tax cuts for Main Street businesses. These Main Street businesses will be able to provide more jobs and higher wages in Montana and across the country. I’ve seen enough progress to vote yes to move the debate forward.”
The $60 billion in tax cuts for Main Street businesses moves the deductible rate from 17.4 percent to 20 percent.
Senator Daines also secured the Interest Charge Domestic International Sales Corporation (IC-DISC), which is a tax provision that allows U.S. domestic companies that have export sales to foreign customers to reduce their tax burden in order to compete against foreign-based corporations.