Cornhusker State News

This week, U.S. Senator Pete Ricketts (R-NE) spoke with Nebraska media about the One Big Beautiful Bill and his efforts to promote economic growth in the United States.

During the press call, Ricketts highlighted several provisions of the bill, which he described as a significant opportunity to improve the nation's future. "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," said Ricketts. "It prevents a $2,443 tax increase on the average Nebraska family. It gives Nebraska families and businesses financial freedom and the ability to grow. It avoids a $4 trillion tax increase on all Americans."

Ricketts emphasized that one of the main features of the legislation is its focus on reducing taxes by making permanent the 2017 Trump tax cuts. He stated, "One of the most important parts of this bill is lowering taxes. It extends and makes permanent the 2017 Trump tax cuts. It leaves more money in the wallets of Nebraskans."

He also pointed out that without this bill, families across the country could face higher taxes: "Across the country, the average family of four would have seen a $1,700 tax increase without the One Big Beautiful Bill." According to Ricketts, those earning less than $50,000 annually would receive most of these tax cuts.

The senator noted that workers such as firefighters, nurses, factory employees, and servers who rely on tips or overtime will benefit from not being taxed on their additional earnings. The bill also includes incentives for employers to provide childcare support and increases both child tax credits and dependent care assistance programs.

Ricketts outlined further measures intended to support small businesses and job creation in Nebraska. These include allowing immediate deductions for research and development costs, expanding expensing options for business assets, raising death tax exemptions for ranches and farms, and encouraging investment in innovation.

He cited estimates from the Council of Economic Advisers regarding potential income gains: "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." He compared this projection with previous figures related to household wage increases under earlier tax reforms.

In closing his remarks about what he called “One Big Beautiful Bill,” Ricketts said it would help keep money with taxpayers while supporting American workers and families: "It unleashes American dynamism. It helps Nebraska families and the American worker."