Representative Kristi Noem today released the following statement after a House Ways and Means Committee hearing, where she heard testimony on the House GOP tax reform proposal:

“It’s been more than 30 years since President Reagan led the last major tax code overhaul. In that time, layers of regulations and loopholes have been tacked on, creating the mess we have today. Additionally, provisions, like the Death Tax, are actively holding family farmers and small businesses back. Now is the time to repeal the Death Tax, simplify the tax code, reduce tax rates across the board, and create a system that’s going to support folks in their pursuit of the American Dream.”

South Dakotans also weighed in on the need for tax reform:

Terrance Nemec, CPA, CGMA (Sioux Falls, SD) – Nemec & Associates: “As a certified public accountant with 33 years of experience, I’ve watched as the tax code has become increasingly complex, making it both costly and difficult to comply with, especially for small businesses. At the same time, the quality of customer service within the IRS has fallen. As a result, I see within my practice and clients a decreasing confidence in the tax system as a whole. Tax reform gives us the opportunity to address these matters, ease frustrations, and restore faith and confidence in our tax system.”

Brett Hanson (Sisseton, SD) – Tri State Building Center: “Full and permanent repeal of the estate tax would allow for more family-owned businesses to be passed on to the next generation. The planning, legal and accounting fees associated with tax drain business resources that could otherwise be used for reinvestment in business operations. Repealing the estate tax would boost business investment and create jobs. Northwestern Lumber Association applauds Rep. Noem’s leadership to repeal this inefficient tax and urges Congress to pass the Death Tax Repeal Act.”

Scott VanderWal (Volga, SD) – President, South Dakota Farm Bureau:  “The current tax code in the United States is terribly inefficient, burdensome and complicated.  South Dakota's farmers and ranchers are busy enough managing their businesses without having to try to figure out our extremely daunting tax system.  When an otherwise intelligent person has to hire a professional and spend hundreds or even thousands of dollars just to figure out how much of their income the government is going to take, we have a big problem.  Making our tax system more simple, fair and equitable should be one of Congress' highest priorities.”

According to the independent Tax Foundation, the House GOP Tax Reform Blueprint debated at today’s hearing would increase the annual income for median households in South Dakota by $4,791.  Additionally, they estimate the proposal would lead to the creation of more than 5,000 new full-time jobs. 

Included in the proposal is language based on Rep. Noem’s Death Tax Repeal Act, which would permanently repeal the Death Tax.  The blueprint also outlines a plan that would lower tax rates for individuals and businesses, simplify the tax code, and reform the IRS. 

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