This legislation would...

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

Provide 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.

Eliminate Obamacare’s individual mandate tax.

Preserve 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.

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

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

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

Continue the deduction for charitable contributions.

Allow 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.

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

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