Tax Archives - Senator Steve Daines

Daines Calls for Permanent Tax Break for Small Businesses

September 25, 2024

U.S. Senator Steve Daines today was joined by The National Federation of Independent Businesses (NFIB) President Brad Close for a press conference on the importance of stopping the massive tax hike on small businesses. They, along with small business owners called for passage of Daines’ “Main Street Tax Certainty Act,” which makes the 20 percent tax deduction for small businesses permanent. Download Daines’ remarks HERE. “Well, thanks for coming out today. I’m just honored and thrilled to be standing here with so many small business owners from across America. “I grew up as the son of a contractor. Mom and dad had a small home-building business

New Study Confirms Senator Daines, Rep. Smucker Small Business Tax Deduction Supports Millions of American Jobs, Spurs Economy

September 9, 2024

U.S. CONGRESS – U.S. Senator Steve Daines (R-MT) and Congressman Lloyd Smucker (R-PA-11) today shared a new study from Ernst and Young (EY) highlighting the economic activity supported by their small and family-owned business tax deduction. The Section 199A deduction provides a 20 percent deduction for pass-through businesses, allowing these businesses to reinvest their hard-earned capital, increase wages and hire more employees. The new study found that 2.6 million jobs and $325 billion of GDP are supported by the deduction. Daines and Smucker introduced the “Main Street Tax Certainty Act” to make this 20 percent pass-through business tax deduction permanent. “It’s no surprise that when we provide our small businesses

Daines Statement on Sham Tax Vote

August 1, 2024

U.S. Senator Steve Daines today issued the following statement regarding the vote on the tax bill in the Senate: “It’s impossible to vote for Joe Biden and Kamala Harris’ spending blowout that led to recordinflation and then claim to support tax relief this close to an election and expect the American people to take you seriously. This is a cynical show vote that has no chance of becoming law. The American people will see through this charade and will hold Senate Democrats accountable in November.”

Daines, Lankford, Crapo Call to Slash Funding to Global Tax Body Supporting Anti-Growth Tax Mandates

July 25, 2024

Send Letter to Senate Appropriations Committee Urging Suspension of Certain Contributions to OECD U.S. SENATE – U.S. Senator Steve Daines today led Senate Finance Committee Republicans Senator James Lankford (R-Okla.) and Ranking Member Mike Crapo (R-Idaho) to send a letter to the Senate Appropriations Committee requesting the Fiscal Year 2025 Appropriations Bill prohibit any Part II funding or voluntary contributions to the Organisation for Economic Co-Operation and Development (OECD). The OECD leads the anti-American global tax negotiations that will hinder American competitiveness, send U.S. taxpayer dollars to European bureaucrats, and cause American job losses, yet the U.S. unfairly pays the largest

Daines Introduces Bill to Increase Penalties for Illegally Sharing Americans’ Tax Information

November 3, 2023

U.S. SENATE – U.S. Senator Steve Daines introduced the “Increasing Rightful Sentences Act” or the “IRS Act,” to increase penalties for future unauthorized disclosures of confidential tax information. Introduction follows the news that after a more than two-year-long investigation, a former IRS contractor, Charles Littlejohn, pleaded guilty to stealing and leaking thousands of individuals’ private IRS tax records, including those of a former President, and sharing them with news outlets. Littlejohn was charged with a single count of unauthorized disclosure of tax information through a plea deal negotiated with the Department of Justice despite illegally obtaining and sharing thousands of individuals’ information. “A mere slap-on-the-wrist for illegally releasing Americans’ private tax

Daines: We Must Stand for Life, Prevent Taxpayer Dollars from Funding Abortion

March 6, 2021

U.S. SENATE —U.S. Senator Steve Daines today fought to prevent taxpayer dollars from funding abortions. Senate Democrats blocked this prohibition from being added to the $1.9 trillion spending package disguised as COVID-19 relief. “Senate Democrats voted to allow billions of taxpayer dollars to be used to fund abortions and voted against applying a 44-year-old prohibition called the Hyde Amendment. We have had five bipartisan COVID relief packages and not one of them included any provisions that would undermine pro-life protections,” Daines said. “Preventing taxpayer dollars from funding abortions is something a majority of Americans agree with. I’m very disappointed to see

Following Daines’ Work, Tax Incentive Regulations for Carbon Capture, Utilization, and Storage Finalized

January 11, 2021

U.S. SENATE—U.S. Senator Steve Daines announced that the U.S. Treasury Department and Internal Revenue Service (IRS) have issued their final regulations in regards to the 45Q tax credit, which will incentivize the use of carbon capture, utilization, and storage (CCUS) technologies as well as create jobs for Montanans. “These final regulations will help give stakeholders needed certainty to develop and implement CCUS technologies. The 45Q tax credit provides a powerful financial incentive for responsible, innovative, economic, made-in-Montana energy,” Daines said. “I am glad that after years of work, Montana’s energy sector will have true access to this critical incentive for innovative solutions

Daines Bill Providing Permanent Tax Relief for Montana Breweries, Distilleries Signed Into Law

December 29, 2020

U.S. SENATE—U.S. Senator Steve Daines’ bipartisan bill supporting Montana breweries and distilleries across the state was recently signed into law. Daines’ bill, the “Craft Beverage Modernization and Tax Reform Act,” provides permanent tax relief for small craft breweries and distilleries, supporting jobs across Montana. “In Montana, we’re home to some of the best craft breweries in the country. Now, with my bipartisan bill being signed into law, these small businesses will have permanent tax relief which will create jobs across Montana and support our Montana barley growers,” Daines said. Daines’ bill makes the excise tax relief enacted by the “2017 Tax

Daines Statement on President Obama’s Budget Proposal

February 9, 2016

WASHINGTON, D.C. — Senator Steve Daines today released the following statement on President Obama’s budget proposal that once again fails to balance: “President Obama’s budget is full of the same failed policies that has led our country down a path of reckless bloated spending, burdensome regulations and higher taxes. This is President Obama’s eighth consecutive unbalanced budget that only serves to bolster his liberal agenda instead of lifting up hardworking American families. The American people deserve real solutions and a balanced budget – not an unworkable liberal messaging document.” The first bill Daines introduced in both the Senate and House is the Balanced Budget

Daines Slams President Obama’s Plan to Raise Energy Taxes on Montana Families

February 5, 2016

WASHINGTON, D.C. — Senator Steve Daines today slammed President Obama’s proposal to place a $10 tax on every barrel of oil—marking a 30 percent tax on oil at current prices. “This is yet another step in President Obama’s anti-energy agenda and further proof that he’s more concerned about cementing his failed legacy than standing with the hardworking Montana families who will be directly hit by these senseless policies,” Daines stated. “We should be encouraging American innovation and energy independence—not placing more regulatory barriers and financial obstacles to it. I have no doubt that this 30 percent tax will face tough bipartisan opposition in

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