Senator Ricketts’ Weekly Column: The Third Annual Federal Issues Forum
I will be hosting my Third Annual Federal Issues Forum at the Nebraska State Fair. The Federal Issues Forum is an opportunity to update Nebraskans on issues affecting them. The event includes the Ricketts Review release. This highlights my track record as Senator and discusses wins for Nebraskans. This year, I will be joined at the Forum by Senator Deb Fischer and Secretary of Agriculture Brooke Rollins. We will discuss our work to strengthen the Good Life.
In the Senate, we are fighting for Nebraskans. When I was Governor, we repealed state income tax on social security benefits. Senator Fischer and I voted for a new senior deduction of $6,000 per person or $12,000 for couples. While the deduction phases out based on income, about 88% of seniors will not pay federal income taxes on their social security. That’s about 265,000 Nebraska seniors.
When I was Governor, Nebraska implemented a workforce housing program to make homeownership more accessible for Nebraskans. In the Senate, we worked on the landmark 21st Century ROAD to Housing Act. This housing law is historic and bipartisan. It cuts red tape to make homeownership more affordable. That makes it easier to build single-family homes, apartments, and fabricated homes. We removed the requirement to have a chassis on fabricated homes. That reduces the cost of fabricated homes by about $10,000. We reformed the Rural Housing Service by decoupling rental assistance from maturing mortgages. That preserves housing access for 400,000 rural families. Above all, more homes on the market will help drive down the cost of living for all Nebraskans.
With the Working Families Tax Cuts, we put more money in Nebraskans’ pockets. We eliminated taxes on overtime pay. We eliminated taxes on tips. A waitress in Nebraska had her wages incorrectly reported. Her W-2 reported some overtime pay as regular pay. When this was corrected, she received an extra $1,500 in her tax returns because of the no tax on overtime provision. That’s a house payment. Or money for groceries. Across the country, the average tax refund was $3,276. We also avoided a $2,400 tax increase on the average Nebraska family. Already, we know more than 53 million people have benefited from no tax on overtime, no tax on tips, or the bonus deduction for seniors.
We also voted to support Nebraska families. Lower tax rates, Trump Accounts, and child tax credits are supporting low- and middle-income families. We increased the child tax credit to $2,200 for each child. Trump Accounts will provide investment accounts to young Americans with a $1,000 contribution. We made Senator Fischer’s Paid Family Medical Leave Tax Credit permanent. This encourages businesses to offer maternity and paternity leave. And we made the Death Tax exemption permanent. 88% of Nebraska farms and ranches are family owned. Now, generations of hard work can stay in the family.
Senator Fischer and I work together every day to deliver for Nebraska farmers, ranchers, and families. One of our big fights is securing nationwide, year-round E15. In Nebraska, we know that E15 is a win-win-win. It saves folks money at the pump. It’s good for the environment. And it helps farmers get better prices for their crops. Senator Fischer and I are working to get it across the finish line.
Secretary Brooke Rollins helped throughout this year’s historic wildfires and natural disasters. She has seen the damage caused firsthand. And she has been by our side to help us recover and rebuild. I am grateful to have her join us at the State Fair. With Secretary Rollins in attendance, we will be able to give the latest updates on ethanol and our beef industry. Agriculture is Nebraska’s top industry. It’s our way of life. I’ll keep fighting for our farmers and ranchers.
At the State Fair, we will discuss these topics and more. I always enjoy hosting my annual Federal Issues Forum. We want to hear from you. But first, of course, we will enjoy the beef pit!
My team and I are here to serve you. Contact us anytime by phone at 202-224-4224. You can also view my website at https://www.ricketts.senate.gov/contact.