Nebraska Panhandle News

This week, U.S. Senator Pete Ricketts (R-NE) addressed Nebraska media during his weekly press call to discuss the One Big Beautiful Bill and its implications for American prosperity.

Senator Ricketts emphasized the significance of the bill, stating, "It’s rare to have the opportunity to set an entire nation on a better course for generations. The One Big Beautiful Bill does just that." He highlighted the financial benefits for Nebraska families and businesses, noting that it "prevents a $2,443 tax increase on the average Nebraska family" and "avoids a $4 trillion tax increase on all Americans."

In his detailed remarks, Ricketts outlined several key features of the bill. He mentioned that it extends and makes permanent the 2017 Trump tax cuts, aiming to leave more money in Nebraskans' wallets. He also noted that without this bill, "the average family of four would have seen a $1,700 tax increase."

The bill is designed to provide significant benefits to workers earning less than $50,000 annually, including firefighters and nurses. These workers will no longer be taxed on tips and overtime pay. Additionally, employers are incentivized to offer childcare support alongside an increased child tax credit of $2,200 per child.

Further provisions include enhancements in dependent care assistance programs and tax credits aimed at supporting families raising children and dependents. Ricketts described these measures as essential for America's future.

For businesses, the bill permanently extends deductions for research and development costs and allows full expensing of heavy machinery and equipment. It raises the death tax exemption to help ranches and farms remain within families.

Ricketts stated that these changes would make it easier for Nebraska businesses to reinvest in their companies while encouraging innovation and job creation. According to him, this will ensure that America remains a leader in global innovation.

He concluded by asserting that the bill would significantly increase take-home pay for Nebraska families: "According to the Council of Economic Advisers, average take-home pay will increase $9,050 per worker in the first four years of the law’s implementation."

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