shop online at www.missourivalleyshopper.com December 4, 2018 • Page 3 Tax Reform Continues To Benefit American Families And Businesses One Year Later Since the Tax Cuts and Jobs Act was signed into law almost one year ago, more than 2 million jobs have been created, unemployment is at the lowest level since 1969, incomes continue to rise and our economy is strong. It has led to more jobs, bigger paychecks and a fairer tax system, especially for lower-andmiddle-income Americans. The law lowered the tax rates in every income bracket, allowing all South Dakota families to keep more of their hard-earned paychecks. It also doubled the child tax credit to $2,000, doubled the standard deduction and repealed Obamacare’s individual mandate which imposed an unfair tax on families making less than $50,000 per year. Additionally, the tax law created the first national paid family leave program, which offers flexibility for parents to take care of their kids or care for an elderly parent. It is also a win for farmers, as it doubled the exemption rate of the death tax to $10.98 million a person and stopped a massive tax hike for farmer co-ops. With farm income down 50 percent in the past five years and trade uncertainty adversely affecting the ag economy, these tax changes have provided a sliver of relief and certainty. Over the past year, we’ve seen the law’s role in improving the economy and making a positive impact in the lives of American families. The U.S. Department of Commerce recently reported the U.S. Gross Domestic Product (GDP) rose at 3.5 percent in the third quarter of 2018. American families are seeing higher paychecks and feel more comfortable spending in the current economic environment. Consumer spending, which according to the Commerce Department accounts for more than two-thirds of U.S. economic activity, is up .6 percent last month. With unemployment at a historic low, we now have more job openings than job hunters in the United States. This gives potential employees leverage when looking for a job that fits their needs. However, we must also continue to advance workforce development policies so businesses can fill open jobs with skilled workers. When U.S. businesses thrive, they help to strengthen the entire economy. We especially want small businesses in South Dakota to succeed. Our small businesses provide good-paying jobs, pay local property taxes and reinvest into the future of our state. They help to support the communities where we live and raise our kids. The tax law enhanced small businesses by allowing them to keep more of their hardearned income and reinvest in their companies. As a result, hundreds of small businesses have announced expansion, pay raises, bonuses and other benefits to employees. Tax reform has delivered results for families across our state and across the country. It was the first time in a generation – since Ronald Reagan was president – that we enacted sweeping new reforms to the tax code and provided tax relief to hardworking families. I’m proud of the historic changes we made to the tax code that are already helping millions of Americans, and will continue to benefit our country for years to come. Governor-Elect Noem Names Leadership Team South Dakota Maintains Highest PIERRE, S.D. – Governor-elect Kristi Noem today announced three key leadership team positions for her Governor’s office. Herb Jones will serve as Chief of Staff. In this position, Jones will oversee operations and administration of the Governor’s staff. The policy team will also report to Jones. Jones was deputy campaign manager for the Kristi for Governor campaign. Jones' extensive government experience includes work in the Janklow, Mickelson, and Miller administrations and as chief of staff to then-Congressman John Thune. Jones also has leadership experience at the Department of Energy and in the railroad industry. Joshua Shields will serve as Chief of Communications. Shields will manage the communications and media-relations team as well as other external engagement priorities. Shields managed the 2010 and 2016 Kristi for Congress campaigns and served as her communications director in the U.S. House of Representatives from 2011-12. Shields also served in campaign and public policy roles with Senator John Thune and Black Hills Corporation. Liza Clark will serve as Chief of Finance. Clark will oversee and implement the Governor’s agenda on budgetary and financial matters. Clark is currently commissioner of the Bureau of Finance and Management, the state's chief financial officer. Clark joined BFM in 2005, including six years as chief budget analyst. She spent three years in Governor Daugaard's office as a policy advisor, advising on issues relating to labor and regulation, workforce development, human resources, and higher education. These three leaders will all report directly to the Governor and manage their appropriate teams and functions. “This team has a lot of great experience, but just as importantly, they understand what it means to serve and produce real results for South Dakota,” said Governor-elect Noem. “These leaders will have an immediate impact as we begin advancing our agenda to grow our economy, keep taxes low, and make government more transparent.” Ratings With Moody’s And S&P PIERRE, S.D. – Today, Standard & Poor Global announced it has reaffirmed South Dakota’s AAA Issuer Credit Rating with a stable outlook. "This is the highest credit rating a state can obtain.” said Gov. Daugaard. “By sticking to conservative budget practices and keeping our reserves at 10 percent of our annual budget, South Dakota continues to benefit from the highest rating possible. We’ve worked hard to place our state on a firm financial footing, and that stewardship has paid dividends.” In the report, S&P reflects on the state’s expanding and diverse economy, strong revenue and economic trends, wellfunded pension system, low debt, strong level of reserve funds, and a conservative and balanced budget requirement as key reasons for reaffirming the state’s AAA rating. The state general fund budget for fiscal year 2018 ended with a $16.9 million surplus, from both lower expenditures and higher revenues than budgeted. S&P has reported a stable outlook for the state due to structural budgetary alignment and stable economic metrics. S&P has awarded the state a AAA rating since 2015. Last week Moody’s In- vestors Service announced South Dakota will maintain its AAA Issuer Rating with a stable outlook. “This type of rating demonstrates our state’s exceptional credit worthiness to financial markets, and leads to substantial savings in future interest payments,” Gov. Daugaard said. Credit ratings give potential bond purchasers a measurement of state performance and credit worthiness. Upgrades typically allow issued bonds to carry a lower interest rate, providing interest savings to issuers as well as the State of South Dakota and taxpayers. Need people to find your business? Get your display ad here! “I’m jest ‘bout new-aged up,” said Windy Wilson, sitting down and flipping his coffee cup to the upright and fillable position. Mavis filled it. The other members sipping caffeine at the philosophy counter at the Mule Barn truck stop looked over at Windy. No one wanted to ask, so by the process of mind reading and silent linguistics, they managed to hold their tongues. 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