A Better Tax Day for Nebraska Families
Tax Day will never be anyone’s favorite holiday. There are no parades, no family gatherings, and certainly no celebrations when April 15th rolls around. For most, it’s a painful reminder of how much of their hard-earned money goes out the door.
Fortunately, thanks to the Working Families Tax Cuts, when April 15th rolls around Nebraskans will be keeping more of what they earned.
But one must not forget that if Democrats had gotten their way and if Republicans had failed to act, we would be facing a much darker reality.
For a typical family of four in Nebraska’s Third District, taxes would have gone up by 26%, costing them more than $1,300 a year. For most families, $1,300 is not chump change; it is rent, a home improvement project, or about seven weeks’ worth of groceries.
Unfortunately, the pain would not have stopped there. If Congress had failed to act, nearly 70,000 families in the Third District alone would have seen their Child Tax Credit cut in half, and 92% of taxpayers would have lost half of their standard deduction.
More than 51,000 small businesses would have faced a crushing 43.4% tax rate because the 199A Small Business Deduction would have expired. Over 31,000 family operations would have seen their death tax exemption cut in half, putting generational livelihoods at risk. That is a reality no one wants to face and one I worked hard to prevent.
Thankfully, Republicans succeeded and passed the Working Families Tax Cuts. Now, taxpayers across the Third District and nationwide will see real relief, with the average refund being nearly $4,000. Just as importantly, these benefits are going to where they are needed the most, with more than 94% of middle-income households receiving relief.
For working families, that translates into bigger paychecks and a stronger financial footing. We prevented a major tax hike, allowing a family of four to see up to $11,000 more in annual take-home pay. Americans earning between $15,000 and $80,000 are seeing about a 15% tax cut, along with about $6,000 for individuals and $12,000 for couples in additional relief for seniors.
Tax Day will likely never be something people celebrate, but thanks to the Working Families Tax Cuts, it will not be dreadful. Now and in the future, families across rural Nebraska can file with a little more confidence, a little less stress, and expect to have a little more money in their pockets. That is what real tax relief looks like, and it is what I will keep fighting for in Washington.