Peace Garden News

Senator John Hoeven held a press conference in Bismarck, North Dakota, to discuss the proposed One Big Beautiful Bill (OBBB), which he says will deliver permanent tax relief for families and small businesses. Hoeven outlined several provisions aimed at reducing taxes and supporting economic growth.

According to Hoeven, the legislation is designed to maintain and expand tax benefits for low- and middle-income households while reducing the overall tax burden on workers. He stated that the bill would preserve $4 trillion in tax relief and could increase take-home pay by up to $10,900 over four years for a typical family as a result of both economic growth and direct tax relief measures.

The bill includes permanent extensions of individual tax rates and bracket changes from the Tax Cuts and Jobs Act. It also maintains an increased standard deduction, which is intended to simplify income taxes for most taxpayers. Additional provisions eliminate taxes on tips and overtime for millions of American workers. The enhanced child tax credit would be increased to $2,200—with $1,700 refundable—and adjusted for inflation.

Other measures include permanent relief from the estate or “death” tax by setting higher exemption levels—$15 million per person or $30 million for married couples filing jointly—adjusted annually for inflation. The bill also proposes savings accounts for newborns to help build long-term financial security. Seniors with low or moderate incomes would see a new $6,000 deduction; combined with other deductions, this could mean no federal income taxes on Social Security benefits for many recipients.

For small businesses, farmers, and ranchers, OBBB proposes making permanent several existing deductions such as Section 199A pass-through deductions—including those used by agricultural cooperatives—and expanding Section 179 expensing limits up to $2.5 million with phaseouts starting at $4 million. There are also incentives like 100 percent accelerated depreciation for new industrial facilities started between 2025–2028 and a permanent 30 percent interest expense allowance.

Research-and-development activities would benefit from permanently extended full deductibility alongside continued access to bonus depreciation at 100 percent.

“At its core, the tax provisions in the One Big Beautiful Bill are about allowing American workers and small businesses to keep more of their hard-earned money,” said Hoeven. “We worked to ensure this legislation provides trillions in tax relief for everyday Americans on a permanent basis. This includes preserving a higher standard deduction, expanding benefits for families with children and eliminating taxes on tips, overtime and Social Security for millions of workers and seniors, respectively. This will not only increase the quality of life for households throughout our country, but it will strengthen our economy by enabling businesses to invest in their operations, recoup their costs and create good-paying jobs across sectors.”