As a member of the tax-writing Senate Finance Committee, Sen. Thune is fighting for comprehensive tax reform that would lower the tax burden facing families and entrepreneurs, simplify the tax system, promote job creation and economic growth, and make American businesses more competitive in the global economy.
Highlights of Sen. Thune’s Commitment to Tax Reform:
- Supported Permanent Tax Relief for South Dakota Businesses and Families:
- A number of Sen. Thune’s tax relief measures were enacted as part of the omnibus appropriations bill, which was signed into law in December 2015:
- Made permanent several provisions, including the higher expensing limits for small businesses, the deduction for state and local sales taxes, and charitable provisions like the IRA Charitable Rollover and a more generous tax treatment of conservation easements donated by farmers.
- Sponsored New Bills to Protect Taxpayer Rights:
- Sen. Thune joined with Sen. Grassley in introducing legislation, the Taxpayer Bill of Rights Enhancement Act, which would strengthen taxpayer rights in the wake of abuses by the IRS.
- A number of provisions of the legislation were enacted into law at the end of 2015, including the mandatory termination of any IRS employee found guilty of taking official actions for political purposes or personal gain.
- Bill to Permanently Ban Taxes on Internet Access Signed Into Law:
- A permanent Internet Tax Freedom Act will promote access to high-speed Internet service, including in South Dakota’s rural and under-served areas, by prohibiting taxes on internet service.
- Leading the Effort to Repeal Onerous and Unfair Death Tax:
- Sen. Thune’s Death Tax Repeal Act would completely repeal the federal estate tax, a law that imposes burdensome costs on family farms and family businesses.