Sen. Hoeven Meets with U.S. Treasury Secretary Over Tax Relief
It would increase the standard deduction for individuals to $12,000 and married couples to $24,000
WASHINGTON, D.C. — The U.S. Treasury Secretary is on Capitol Hill looking for support for tax relief.
Steven Mnuchin met with North Dakota U.S. Senator John Hoeven to talk about modernizing and simplifying the tax code.
The draft Senate tax relief bill provides a net tax cut of about $1,500 for a median income family of four.
It would increase the standard deduction for individuals to $12,000 and married couples to $24,000.
Hoeven said tax relief is needed for the middle class, farmers and ranchers and especially for small businesses.
“They’re the ones that create all the jobs in our economy and as they do that they push wages and income higher for our workers,” Sen. Hoeven said.
A sweeping tax overhaul has cleared a procedural hurdle in the House.
Lawmakers voted to approve the rule that sets the stage for a vote on passing the measure.
That vote is expected Thursday.