Senator Hoeven: Tax Relief On ND Small Business Owners

Small businesses are facing high tax rates and it's Senator John Hoeven's goal to provide relief.

Alexus Arthur explains his plan to reduce tax rates and help grow the economy.

According to Senator Hoeven, North Dakota has about 71,000 small businesses making up 95% of the states workforce.

"The key is to reduce tax rates, make it simpler, and fairer, and pro growth."said John Hoeven, U.S. Senator.

Hoeven says taxes leveed on small business owners can reach up to 44% meaning their employees get smaller pay checks.

"It's about raising people's standard of living." said Hoeven.

Hoeven's plan is to reduce the rate to 25%.

"The goal is to get the individual rates and the corporate rates down you know in a significant way so the taxpayers feel the affect in their pocket books so they have more money in their pocket at the end of the day." said Hoeven.

"I'd like to see this happen so that we can pay our employees more wages." said Debbie Harris, Fiancee Bridal Owner.

Hoeven said this could put more cash in people's wallets and bring back money that's currently overseas.

"There's 2.6 trillion dollars that U.S. companies have overseas that with reforms to the tax code bring that money back." said Hoeven.

"The simplification of it looks very inviting." said Harris.

"With savings and economic growth we can reduce the debt in deficit which is very important for the strength of our country." said Hoeven.

Hoeven believes that this move will grow our economy and will increase North Dakota's standard of living.

"Of course they're going to bat for us, the people of North Dakota, the things that really make sense to us." said Harris.

"This would be a big boost for small business and of course farmers and ranchers are small business people so big boost for them." said Hoeven.

Senator Hoeven's goal follows President Trump's goal closely.

Both want to provide relief for middle class, make it simple, grow the economy, and not add to our debt and deficit.

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