U.S. SENATE —U.S. Senator Steve Daines today voted in support of the Senate Tax Cuts and Job Act to increase wages, grow jobs and give back Americans their hard-earned dollars.
“We are one step closer to a once in a generation opportunity to reignite economic growth, grow jobs and increase wages for Montana farmers, ranchers, small businesses owners and working families.” Daines said. “I worked hard to increase tax relief for Main Street businesses that are responsible for two-thirds of all new jobs. The updated Tax Cuts and Jobs Act includes more than 100 billion in additional tax cuts for Main Street businesses, leveling the playing field between them and large corporations. The Senate bill prioritizes the drivers of our economy and the workers who make the engines run. I’ll continue giving Main Street and working families a voice as the Senate and House work together on a final bill.”
Highlights of Senate Tax Cuts and Jobs Act:
- Lowers rates on middle income Americans: Allowing them to keep more of their hard-earned dollars. A family of four with income of around $73,000 (median family income) will see a tax cut of nearly $2,200.
- Doubles the standard deduction: Increases the deduction American families can claim from $12,000 to $24,000.
- Eliminates the poverty tax: Obamacare’s individual mandate, which so far has cost over 5 billion dollars. Forty-two percent of the individual mandate’s payers make less than $25,000 and 80 percent those make less than $50,000. Senator Daines has long been a champion of repealing this regressive tax.
- Doubles the child tax credit: Gives families a break by doubling the child tax credit from $1,000 to $2,000 – giving working moms and dads with two kids an extra two thousand dollars to help make ends meet.
- Gives tax cuts to those who provide jobs: Senator Daines secured $100 billion in tax cuts for Main Street businesses, increasing their tax deduction from 17.4 percent to 23 percent. These are Montana’s farmers, ranchers, bakers, and bank owners and they provide 68 percent of private sector jobs in Montana.
- Makes American businesses competitive overseas: Lowers the corporate income tax from 35 percent, the highest rate in the industrialized world, to 20 percent. This will allow American businesses to compete and win against global competitors and bring American jobs back home.
Daines’ work to Level the Playing Field Between Main Street and Wall Street:
On November, 27 Senator Daines announced plans to vote “no” on the Senate tax cuts bill, telling leadership he wanted “to see changes to the tax cut bill that ensure main street businesses are not put at a competitive disadvantage against large corporations.”
On November, 29 After Senator Daines secured an additional $60 billion in tax cuts for Main Street businesses, he agreed to vote to move the Senate package bill to the floor for debate. He promised to continue fighting on behalf of Main Street as the final bill was drafted.
On December, 1 Senator Daines announced he secured $100 billion in tax cuts for Main Street businesses, increasing their tax deduction from 17.4 percent to 23 percent.
Montana’s Main Street in Support of Senate Tax Cuts Bill:
“Our contractors face a severe skilled labor shortage all across the state, and the country; Senator Daines and Murkowski’s efforts on Senate Amendment 1619 are common sense and most welcome.” — Jim Michlig – Manager & Owner, Kalispell Electric Inc., Kalispell
“Thank you for your diligent work in getting the pass-through tax allocation from 17.4 % to 23%. This will assist all small businesses, like our $50 million, 1st Bank, Broadus, MT, a subchapter S bank, to compete with C corporation businesses.” — John L Franklin – President, 1st Bank, Broadus
“I founded Freedom Bank in 2005 as a sub-S corporation. We are growing, doing well and making a big difference in our community. Unfortunately, we currently pay out a dividend equivalent to what our individual shareholders pay in personal taxes. If we can get a portion of that reduced, it would be great for our business because it would grow our capital and allow us to make more loans to our community.” —Don Bennett – President & CEO, Freedom Bank, Columbia Falls
“The Montana Chamber of Commerce is encouraged by the passage of significant federal tax reform in the US Senate. Simplifying the tax code at low, broad-based rates will meet several objectives in our 10-year strategic plan, Envision 2026. Pairing tax reform with responsible management of the deficit will spur economic growth, raise gross state product, and boost per-capita income for Montana families.” —Webb Brown, President and CEO of the Montana Chamber.