Rep. Kristi Noem today voted to send the Tax Cuts and Jobs Act to President Trump. The legislation has been approved by both the House and Senate. It now awaits the President’s signature.

Noem, who is the first South Dakota representative in history to serve on the House’s tax-reform committee, was one of nine House Republicans to negotiate the final deal. A farmer, rancher, small business owner and mother, Noem fought to double the Child Tax Credit, provide producers with better expensing tools, and lower tax rates across the board.

“Today is a historic day for the American people,” said Noem. “With today’s vote, we put legislation on President Trump’s desk that will put more money in the hands of hard working South Dakotans. Tax rates have been lowered. The standard deduction and Child Tax Credit are both doubled. Farmers and ranchers have access to enhanced expensing tools and a new small business deduction. And job creators have a new incentive to bring their headquarters, jobs and higher wages back onto American soil. Here is the bottom line: The American people deserve more control over their paychecks. They’ve worked hard for that money, and it’s time for folks in Washington to respect that.”

Highlights of the Tax Cuts and Jobs Act

Lowers individual tax rates, setting them at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37% so people can keep more of their hard-earned money.

Nearly doubles the standard deduction to $24,000 for married couples and $12,000 for single filers.

Provides unprecedented support for families.

  • Increases the Child Tax Credit to $2,000 per child.
  • Eliminates the “marriage penalty.”
  • Preserves the Child and Dependent Care Tax Credit (also known as the Child Care Credit) to better support working parents.
  • Preserves the Adoption Tax Credit.

Eliminates Obamacare’s individual mandate tax.

Preserves the Home Mortgage Interest Deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $750,000, while grandfathering in existing mortgages.

Retains popular retirement savings options, such as the 401(k)s and Individual Retirement Accounts.

Permanently retains the medical expense deduction and lowers the threshold for two years at a pre-Obamacare level of 7.5% of adjusted gross income.

Improves vehicles for education by allowing families to use 529 accounts to save for elementary, secondary, and higher education.

Continues the deduction for charitable contributions.

Allows businesses to immediately write off the full cost of new equipment, which is critical for South Dakota’s agriculture community.

Offers a first-ever 20 percent tax deduction that applies to the first $315,000 of joint income earned by S corporations, partnerships, LLCs, and sole proprietorships.

Lowers the corporate tax rate to a globally competitive 21%.

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