Senator Hoeven Answers Questions About GOP Tax Reform and How it Benefits You

Throughout the last seven weeks, Americans have gone through a range of emotions when it comes to their financial futures

MOORHEAD, Minn. — It’s been a week since the GOP tax plan was signed by President Trump.

Throughout the last seven weeks, Americans have gone through a range of emotions when it comes to their financial futures.

Senator Hoeven says he is making an effort to educate Americans, clear up misunderstandings about tax reform and explain why he thinks it has positive effects for everyone.

A CEO, a tech entrepreneur, a farmer and a teacher may at first not have a lot in common, but these people agree the new tax reform legislation is a push in the right direction.

Hoeven says each one of these people will have benefits in the New Year.

“Small businesses make up a majority of all business in the United States,” said tech entrepreneur, Jake Joraanstad.

Joraanstad says his company created more than 20 jobs in 2017 and the signing of GOP tax reform will continue that progress.

“That’s real job creation. These are average salaries north of $50,000 or $60,000 a year,” Joraanstad said. “I think there is a definite positive impact on our business by, for our business by doing that.”

Senator Hoeven says there is a reason it is called the Tax Relief and Jobs Act.

“It’s about stimulating the economy, getting more jobs and higher income and making sure that there is tax relief out there,” Senator Hoeven said.

Hoeven says this will benefit farmers, expanding the expense for equipment on a permanent basis.

“One piece of equipment can easily cost over $250,000 in our operation,” said David Mueller, who farms in Hillsboro. “So you buy two pieces, you’re over the limit and this will certainly benefit those situations.”

As a teacher and a single mother with two boys, Vikki Schneeberger says she is grateful for the deduction on supplies in the classroom.

“I don’t know any teacher that doesn’t spend less than that in their classroom,” Schneeberger said. “It’s just something that you always do.”

She says it’s encouraging to think about being able to file taxes on one piece of paper.

“I don’t do my own taxes, I teach English,” Schneeberger said. “When this was explained to me, I thought that it sounded like something I could maybe do.”

Hoeven says looking at the larger picture, everyone can have a positive outcome.

“A single parent, two kids, making about $40,000, they’re going to save $1,300,” Senator Hoeven said. “They are really going to cut their tax liability way down, something like 70 percent.”

He says if you are a typical family of four earning $73,000 per year, which is a median family income, you will see a tax cut of more than $2,000.

But there are still people questioning this plan, asking why larger corporations are getting a tax break.

“So they’ll hire more people and increase wages and we’re already starting to see that happen,” Senator Hoeven said.

Many Americans say they don’t see how this plan could create a positive future, but Hoeven thinks they need to see results first hand.

“First, upfront, it’s answering questions, providing information, and there’s a lot of misconceptions, misunderstandings,” Hoeven said. “The second part is actually seeing the results.”

Senator Hoeven says it may take some time for people to see the positive results, but he says he’s confident they will happen.