Nebraska’s federal delegation talks taxes, trade and tariffs

Members of Nebraska’s federal delegation shared their legislative priorities with the state’s business leaders in Ashland Tuesday.

At the annual federal legislative summit hosted by the Lincoln Chamber of Commerce, Sen. Deb Fischer, Sen. Pete Ricketts, and Rep. Mike Flood explained how the ‘Big, Beautiful Bill’ could help grow Nebraska businesses.

“It is rare that you have the opportunity to vote on a historic piece of legislation that is generational in scope and will put this country on the right track for growth,” Ricketts said. “That's how important this one big, beautiful bill is.”

Ricketts highlighted the extension of the 2017 tax cuts and increase in the Child Tax Credit as reasons for his optimism.

While fiscal watchdog groups like the Committee for a Responsible Federal Budget predict the bill will increase the federal deficit by more than $4 trillion, Ricketts said their estimates are based on biased numbers from the Congressional Budget Office.

The CBO assumes 1.8% growth real GDP growth for the next ten years. Over the past 30 years, real GDP growth has averaged 2.5% annually.

That discrepancy, Ricketts said, makes the difference between an increase in the deficit and a reduction.

The group also praised President Donald Trump for his efforts on international trade. Fischer said she is willing to give the president time for his tariffs to work.

“Tariffs make people nervous, but I think President Trump is using these tariffs in a way that force a conversation with a number of different governments,” she said. “What I hear from Nebraskans, and especially Nebraskans in agriculture, is that they're willing to give the president time so that these tariffs work.”

Flood talked about the importance of certainty for the businesses community and said he’d like to see the trade deals done and administrative officials in place before Christmas.

Representatives Don Bacon and Adrian Smith each addressed the crowd through video, each alluding to the struggles of Nebraska farmers.

“We have to acknowledge that Nebraska's economy has hit some headwinds,” Bacon said. “Our grain production has lost a lot of its markets, so the corn and soybean farmers out there have hit some headwinds, and the number one issue that we have is trade.”

Smith echoed that sentiment and praised Trump’s willingness to negotiate.

“I'll say that I'm not a huge fan of tariffs, but I know that the President is engaging in a way that is leveling the playing field,” he said. “We've seen other countries come to the table to negotiate trade moving forward.”

Federal lawmakers will return to work in Washington following the Labor Day holiday.