BISMARCK, N.D. - Sen. John Hoeven, R-N.D., was in Bismarck Tuesday talking about the tax bill benefits for North Dakotans.
Hoeven says the bill is a big win for small businesses and farmers and ranchers in the state. The bill kept elements he said were important, like the student loan interest and charitable contribution deductions. Hoeven says farmers and ranchers will benefit by expanding section 179, expensing and doubling the estate tax exemption.
“We got them in this tax relief bill and it's very important because our farmers are very challenged right now with these low commodity prices so they need help,” said Hoeven.
The Congressional Budget Office estimated the tax bill would add $1.4 trillion to the deficit over 10 years. When asked about this, Hoeven said he believes the economic growth from the cuts would offset that cost and more.