˜ Ben Nelson
Working for Taxpayers
With a record of supporting tax reductions, balancing budgets, and controlling government spending, Nebraska’s Senator Ben Nelson has put into practice his belief that taxpayers know what to do with their money better than government bureaucrats. Since coming to the Senate in 2001, Nelson has advocated and played a key role in passing several tax cuts that were designed to put more money in the pockets of working families and spur a struggling national economy.
During Nelson’s time in the U.S. Senate, seven major tax cut bills or tax cut extensions have been signed into law. Senator Nelson supported all of them.
Senator Nelson played a vital role in both the 2001 and 2003 tax cuts. During 2001, he was one of a handful of centrist senators that helped craft the proposal to cut taxes by $1.3 trillion that was ultimately signed into law.
Since coming to the Senate, Senator Nelson has voted to extend important tax cuts, including legislation to mitigate the effects of the Alternative Minimum Tax on middle-income taxpayers; legislation to extend the capital gains and dividends tax cuts to keep the economy going strong; and extensions of tax breaks for the small business which make up the vast majority of Nebraska’s economy.
Senator Nelson also pushed for and secured passage of an important tax cut for Nebraskans: property tax relief for taxpayers who do not itemize their deductions. In Nebraska, only one third of all taxpayers itemize their tax deductions, but the homeownership rate is over 67%. Non-itemizers also tend to be lower and middle income families; for example, only half of taxpayers with incomes between $50,000 and $75,000 file itemized returns, compared to over 95% of those with incomes over $200,000. Adding all this up, there are nearly 250,000 middle and working class Nebraskans who pay property taxes but have been unable to claim a deduction – until now. Thanks to Nelson’s efforts, these Nebraskans will be able to deduct property taxes (up to $500 for individuals and $1000 for joint filers).
How do the tax cuts help you?
The tax cuts Senator Nelson has supported resulted in lower taxes for 656,000 Nebraska taxpayers. The cumulative impact of the 2001, 2003, and 2004 tax cuts (including the Economic Growth Tax Relief Reconciliation Act (EGTRRA), the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) and the Jumpstart Our Business Strength (JOBS) Act) has resulted in nearly $5 billion in tax relief for Nebraska taxpayers.
REDUCING TAXES
REDUCTION IN INCOME TAX RATES
REDUCTION OF MARRIAGE PENALTY
INCREASE IN CHILD TAX CREDIT
REDUCED TAX RATES ON CAPITAL GAINS AND CORPORATE DIVIDENDS
BUSINESS BENEFITS FROM TAX CUTS
SOURCE: U.S. Department of Treasury, Office of Tax Policy, March 20, 2007
Updated: May 2009