As a member of the Senate Finance Committee, Sen. Thune has advocated for small businesses by reducing tax burdens, expanding new markets, and reducing regulatory overreach.
Highlights of Sen. Thune’s Advancements for Small Businesses:
- Supported Bipartisan Trade and Customs Bills:
- Sen. Thune’s Internet Tax Freedom Forever Act was signed into law in 2016. This law will prevent state and local jurisdictions from imposing taxes on Internet access.
- Reduced trade barriers for low-value items imported into the U.S. with fewer unnecessary administrative requirements.
- Ensured the fair treatment of domestic honey producers by providing tools to the U.S. Customs and Border Patrol to enforce existing trade laws against Chinse honey that is transshipped through third-party countries.
- Sponsored Legislation to Strengthen Taxpayer Rights and Lower Tax Burdens:
- Sen. Thune’s Taxpayer Bill of Rights Enhancement Act ensures IRS employees act in accordance with taxpayer rights.
- Several of Sen. Thune’s proposals were signed into law to provide permanent tax relief, such as increasing expensing limits for small businesses and reducing state and local taxes by providing a sales tax deduction.
- Led the Finance Committee’s Business Income Tax Working Group that advanced comprehensive tax reform by issuing a bipartisan report that will assist with future tax reform efforts.
- Led the Effort to Repeal the Unfair Death Tax:
- Sen. Thune’s Death Tax Repeal Act is cosponsored by 40 senators and would completely repeal the federal estate tax, a law that imposed unnecessary and burdensome costs on family farms and family business.
- The Senate-adopted budget included resolution Sen. Thune’s proposal to completely eliminate the death tax, an important step toward protecting 98 percent of South Dakota’s farms that are family-owned and operated.