Tax reform a giant leap for ND
After a decade of stagnant growth, America needed a change and the nation’s tax reform is a big first step. Even more so it’s giant leap for North Dakota.
The North Dakota farmer is grateful. At a time when commodity prices are low and capital is shrinking, we will see an increase in the section 179 deduction and the estate tax threshold as well as lower tax rates.
Partnering with agriculture, the energy sector is also very much in need of opportunity to combat shrinking capital resources and low prices. The new tax law provides the jump start we need and also opens up new opportunities for oil exploration so that both energy companies, and the energy consumer will see long term benefits of safe and secure energy resources.
As one of the most entrepreneurial states, North Dakota’s small business owners will greatly benefit. Tax reform relieves the huge tax burden on main street businesses with a small business deduction, lower rates, and the ability to fully and immediately expense purchases. This is their golden ticket to grow and hire.
And the greatest benefit will be to our state’s workers. These three sectors are set to thrive and they will need more people to expand. Workers will be offered greater opportunities, greater wages, and lower taxes.
The American economy may not have been weak, but it was certainly underperforming and it needed a kickstart. Senator Hoeven and Congressman Cramer stuck to their guns and worked to get it right for North Dakota. Its unfortunate North Dakota’s other Senator chose to vote against tax reform.