It appears an overhaul of the federal tax code is on the threshold of passage with Nebraska’s Congressional delegation on board.
A compromise seems to have been reached on a $1.5 trillion tax cut bill.
Congressman Jeff Fortenberry, a member of the House Appropriations Committee, welcomes the change.
“The tax code is a drag on our economy. It’s over complicated. It is inconsistent with the principle of simplicity,” Fortenberry tells Nebraska Radio Network. “The main driver of the idea here is simplification.”
Fortenberry says the tax cuts contained in the bill could save the average American $1,200 annually. He believes changes to the corporate and business tax structure will stimulate the economy. Fortenberry says the business climate has changed and the combination of tax cuts, a reduction in regulations, and a focus on helping small businesses should give the economy a much needed boost.
Sen. Ben Sasse says the bill isn’t the slice of heaven some Republicans claim, or the apocalypse Democrats decry. Sasse says the increase in the child tax credit is important for many families as well as the preservation of the adoption tax credit.
Sasse says a major piece in the bill eliminates an incentive for corporations to move production abroad. The bill reduces the corporate tax rate from 35% to around 20% and makes other changes designed to keep production here or to lure it back from foreign countries.
“I wish this bill were better, but I think it’s an important, moderate step forward,” Sasse tells Nebraska Radio Network.
Both the House and the Senate approved tax cut legislation. The two bills have gone to a compromise committee to work out differences. The legislation will change both the corporate and individual federal tax codes.
Congressional leaders hope to have the compromise legislation passed by both chambers and to President Trump’s desk this week.
AUDIO: Brent Martin reports [:40]