Senator Ben Nelson is very pleased Congress is taking up one of the three things Nebraskans want most before the end of the lame duck session. He is pleased they are finally talking taxes.
“This is exactly what Nebraskans want us to be engaged in.”
Senator Nelson admits there has been a lot of back and forth bickering and debate on these bills and he is pleased that one bill will extend tax cuts for most taxpayers in the state.
“There has been a lot of Washington gamesmanship over the expiring tax cuts as you have all seen. The truth is major tax hikes will automatically hit millions of Americans if Washington continues playing these games and it is not resolved by the end of this year. Give that, the new bipartisan tax plan the president has worked out appears to be a move in the right direction. What I’ve heard sounds promising and I’m still looking to see all of the details to see for certain it will be a good deal for Nebraska and our country.”
Senator Nelson is still looking into the package and he hopes that it will address several other important issues.
“I’m hoping it addresses the controversial IRS form 1099 provision in the health care bill that will impose a paperwork nightmare for our small businesses and agriculture. I’m also hoping that tax incentives for renewable fuel such as ethanol, are part of a tax extenders packages. The tax packages we voted on last Saturday, there was an extension of the ethanol tax credit for one year but at a reduced rate from 45 cents to 36 cents per gallon.”
Senator Nelson was hoping it would continue at the 45 cent rate but given the challenges, including its cost, he is pushing to make sure some tax credit will remain in the plan. He says there are several other issues addressed in the plan.
“So far, I’ve heard the bipartisan plan would extend the 2001 and 2003 tax cuts for two years. It also proposes a payroll tax deduction for all workers. An extension of unemployment benefits and tax breaks to encourage businesses to invest.”
Senator Nelson says that money needs to be invested here instead of overseas. He says Congress and the president need to work together to get this done by the end of the year. If not, he says all taxes will go up… something Nebraskans do not need.