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South Dakota taxpayers are excited about the retirement of the old tax code. The results of lower rates and a more simplified tax code will be obvious this time next year once we’ve all filed our 2018 tax returns.
State Director Don Haggar pointed out in a recent op-ed that the American Pay Raise is already in effect. Millions of Americans nationwide are already seeing larger paychecks and better employment benefits resulting from the Tax Cuts and Jobs Act.
Here are three ways tax reform is already benefiting South Dakota:
Lower tax rates for individuals – Take a look at your paycheck and you’ll probably see some extra take-home pay. Individuals in every income bracket will see their tax bite go down. In fact, the Treasury Department estimates 90 percent of workers will keep more of their money!
Better benefits at work – Lower corporate rates mean businesses can invest more in their companies. Hundreds of businesses are doing this around the country, offering higher wages, better retirement packages, bonuses and increased hiring. South Dakota’s own Great Western Bancorp. increased its minimum wage, issued bonuses and will enhance health care options.
A bright economic future – Lower rates will strengthen and grow the economy, both here in South Dakota and around the country. Large and small businesses are more optimistic about the future of their companies and their employees.
The benefits of tax reform are also reasons to preserve this American Pay Raise. Right now, these tax cuts are set to expire in 2025. The benefits of tax reform will be short-lived if Congress doesn’t make the tax cuts permanent.