Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome Joe Bishop Henchman of the program. Joe as executive
vice president of the National Taxpayer's Union Foundation, and they've
been doing some research into what will happen if the
Congress doesn't extend the twenty seventeen Tax Cuts and Jobs Act. Joe,
good morning, Good to have you on, gree to be
(00:21):
with you. So we in Nebraska would take a big
hit according to your research, right, each taxpayer in Nebraska
is going to get hit.
Speaker 2 (00:30):
About twenty four hundred dollars a year. And you know,
I know it's a busy time in the news. Maybe
he's born focused on taxes. But when they passed the
tax bill in twenty seventeen, they had most of it
expired at the end of this year, and I must
Congress acts to extend it, or change it, or do something.
This tax increase will happen automatically starting January one, twenty
(00:53):
twenty six.
Speaker 1 (00:54):
Is this independent of what's known as the Big Beautiful
Bill or is this part of it.
Speaker 2 (01:00):
It's going to be part of it, that's the idea.
But of course, with the margins in Congress and maybe
being distracted by a whole bunch of other issues, it's
it's not a sure thing that will happen, you know.
It's never really a sure bet to promise that Congress
will do something. So it's really important that representatives here
(01:25):
from folks and say that it's important that this tax
increase not happened. That's something that they that they act
that they have something.
Speaker 1 (01:33):
Business tax incentives would be a casualty, right, yep.
Speaker 2 (01:39):
We've got the small business tax credits, tax deductions that
a lot of small businesses rely on. And then on
the individual side, Nebraskans would face an average tax increase
of about twenty four hundred dollars a year. And on
top of that, Nebraska's state income tax follows a lot
(02:01):
of the federal rules and definitions, so when taxes go
up federally, they'll automatically go up for Nebraskans as well
on the state forms. So it really is bad in
a lot of ways.
Speaker 1 (02:15):
I know you've suggested, or the National Taxpayers Union has
suggested that Nebraska should do something about that. We have
only a few days left in this legislative session and
they're up to their ears and other issues, so I
don't see that happening, but possibly next session if this
doesn't pass or if this is not extended, what could
(02:39):
the state do to help Nebraskans who are impacted by
this tax increase?
Speaker 2 (02:47):
Yeah, if it's December or January or later next year
and Congress still hasn't acted, there are things that state
policy makers can do. They can keep some of the
pro growth and pro taxpayer provisions in the state tax code.
And one of them, for example, is the standard deduction.
That's the amount of tax free income every taxpayer can earn.
(03:10):
The federal law doubled it. That'll go away January one
if Congress doesn't act, But Nebraska could choose to keep
that for the state return, so that doesn't go away.
Speaker 1 (03:22):
Right, So for families, similarly for families, John for individuals,
we'd basically go back to the tax brackets, if you will,
that were in place before twenty seventeen, right.
Speaker 2 (03:34):
Yeah, and we don't want that to happen. Another big
one is allowing small businesses to deduct the full amount
of what they invest each year, rather than having to
deduct it over a number of years. That's something that
state policy makers could do separately from watchingen and make
sure that pro growth feature stays in the tax code.
(03:56):
All right, and then you know, I just heard on
the news update about the deduction for state and local taxes.
That's one we're keeping an eye on because most of
the benefit of that is going to go to New York,
in California and New Jersey. In fact, Nebraska would only
see zero point one percent of all of the tax
cuts if that cap is raised.
Speaker 1 (04:17):
What's your bet on what Congress will do here?
Speaker 2 (04:21):
I think they'll get it done. Nothing like a deadline,
and this January one flashing date is a pretty good deadline.
But it's certainly not a sure thing, and they need
to learn this should be the priority and not maybe
some other things that Congress has focused on.
Speaker 1 (04:40):
Very good Joe, Thanks appreciate the time this morning. Have
a wonderful weekend. Joe Bishop Henchman from the National Taxpayers
Union Foundation kay AB's Morning News. Yeah, they're looking at
some have the goal of Memorial Day unlikely, they say, well,
maybe about a fourth of July. There's a lot of
armed twisting and arguing and pushback happening in the Congress
(05:04):
right now on this, but it is true. It is true.
If they don't extend that.
Speaker 3 (05:08):
Disaster, the economies in free fall, the markets lose fifteen
to twenty percent because he's been promising this, and we
forget here Nebraska, because we have just one house, we
get a bill passed through the legislature, go straight to
the President's desk.
Speaker 1 (05:23):
In DC.
Speaker 3 (05:24):
They have to be reconciled between two different bills that
come out of both houses. And right now, the closeness
of the House build and the Senate bill would rival
the closeness of the North Pole and Tierra del Fuego.
They have a lot of arm twisting and negotiating and
reconciling to do in order to get something that the
(05:45):
president can sign.
Speaker 1 (05:47):
Yeah, six forty three on news radio eleven ten kVA. Well,
you remember with Doge, You remember that Elon Musk was saying,
we can do it, we can find a trillion, and
then it was then it was all of a sudden
much less than that. Hey, whatever waste they can find
and eliminate, I'm all for it. But trillion would be helpful,
but that is unlikely. That's too big a number.
Speaker 3 (06:08):
And then we look at the definition of waste, fraud,
and abuse. If you talk to a Republican congressman from Oklahoma,
this is their definition of waste fraud and abuse. You
talk to Jasmine Crockett, liberal crazy from Texas, and this
is her definition of waste, fraud and abuse. To the
guy in Oklahoma, it's we have money going to the
(06:29):
wrong people. To Jasmine Crockett, it's no, that's money that's
a lifeline to somebody. This is I mean, you're talking
about a massive divide here. And just because we say
it's waste, fraud and abuse doesn't mean everybody thinks, let's.
Speaker 1 (06:40):
Send more to a transgender opera in Guatemala. That's a
great use of you, all right,
Welcome Joe Bishop Henchman of the program. Joe as executive
vice president of the National Taxpayer's Union Foundation, and they've
been doing some research into what will happen if the
Congress doesn't extend the twenty seventeen Tax Cuts and Jobs Act. Joe,
good morning, Good to have you on, gree to be
(00:21):
with you. So we in Nebraska would take a big
hit according to your research, right, each taxpayer in Nebraska
is going to get hit.
Speaker 2 (00:30):
About twenty four hundred dollars a year. And you know,
I know it's a busy time in the news. Maybe
he's born focused on taxes. But when they passed the
tax bill in twenty seventeen, they had most of it
expired at the end of this year, and I must
Congress acts to extend it, or change it, or do something.
This tax increase will happen automatically starting January one, twenty
(00:53):
twenty six.
Speaker 1 (00:54):
Is this independent of what's known as the Big Beautiful
Bill or is this part of it.
Speaker 2 (01:00):
It's going to be part of it, that's the idea.
But of course, with the margins in Congress and maybe
being distracted by a whole bunch of other issues, it's
it's not a sure thing that will happen, you know.
It's never really a sure bet to promise that Congress
will do something. So it's really important that representatives here
(01:25):
from folks and say that it's important that this tax
increase not happened. That's something that they that they act
that they have something.
Speaker 1 (01:33):
Business tax incentives would be a casualty, right, yep.
Speaker 2 (01:39):
We've got the small business tax credits, tax deductions that
a lot of small businesses rely on. And then on
the individual side, Nebraskans would face an average tax increase
of about twenty four hundred dollars a year. And on
top of that, Nebraska's state income tax follows a lot
(02:01):
of the federal rules and definitions, so when taxes go
up federally, they'll automatically go up for Nebraskans as well
on the state forms. So it really is bad in
a lot of ways.
Speaker 1 (02:15):
I know you've suggested, or the National Taxpayers Union has
suggested that Nebraska should do something about that. We have
only a few days left in this legislative session and
they're up to their ears and other issues, so I
don't see that happening, but possibly next session if this
doesn't pass or if this is not extended, what could
(02:39):
the state do to help Nebraskans who are impacted by
this tax increase?
Speaker 2 (02:47):
Yeah, if it's December or January or later next year
and Congress still hasn't acted, there are things that state
policy makers can do. They can keep some of the
pro growth and pro taxpayer provisions in the state tax code.
And one of them, for example, is the standard deduction.
That's the amount of tax free income every taxpayer can earn.
(03:10):
The federal law doubled it. That'll go away January one
if Congress doesn't act, But Nebraska could choose to keep
that for the state return, so that doesn't go away.
Speaker 1 (03:22):
Right, So for families, similarly for families, John for individuals,
we'd basically go back to the tax brackets, if you will,
that were in place before twenty seventeen, right.
Speaker 2 (03:34):
Yeah, and we don't want that to happen. Another big
one is allowing small businesses to deduct the full amount
of what they invest each year, rather than having to
deduct it over a number of years. That's something that
state policy makers could do separately from watchingen and make
sure that pro growth feature stays in the tax code.
(03:56):
All right, and then you know, I just heard on
the news update about the deduction for state and local taxes.
That's one we're keeping an eye on because most of
the benefit of that is going to go to New York,
in California and New Jersey. In fact, Nebraska would only
see zero point one percent of all of the tax
cuts if that cap is raised.
Speaker 1 (04:17):
What's your bet on what Congress will do here?
Speaker 2 (04:21):
I think they'll get it done. Nothing like a deadline,
and this January one flashing date is a pretty good deadline.
But it's certainly not a sure thing, and they need
to learn this should be the priority and not maybe
some other things that Congress has focused on.
Speaker 1 (04:40):
Very good Joe, Thanks appreciate the time this morning. Have
a wonderful weekend. Joe Bishop Henchman from the National Taxpayers
Union Foundation kay AB's Morning News. Yeah, they're looking at
some have the goal of Memorial Day unlikely, they say, well,
maybe about a fourth of July. There's a lot of
armed twisting and arguing and pushback happening in the Congress
(05:04):
right now on this, but it is true. It is true.
If they don't extend that.
Speaker 3 (05:08):
Disaster, the economies in free fall, the markets lose fifteen
to twenty percent because he's been promising this, and we
forget here Nebraska, because we have just one house, we
get a bill passed through the legislature, go straight to
the President's desk.
Speaker 1 (05:23):
In DC.
Speaker 3 (05:24):
They have to be reconciled between two different bills that
come out of both houses. And right now, the closeness
of the House build and the Senate bill would rival
the closeness of the North Pole and Tierra del Fuego.
They have a lot of arm twisting and negotiating and
reconciling to do in order to get something that the
(05:45):
president can sign.
Speaker 1 (05:47):
Yeah, six forty three on news radio eleven ten kVA. Well,
you remember with Doge, You remember that Elon Musk was saying,
we can do it, we can find a trillion, and
then it was then it was all of a sudden
much less than that. Hey, whatever waste they can find
and eliminate, I'm all for it. But trillion would be helpful,
but that is unlikely. That's too big a number.
Speaker 3 (06:08):
And then we look at the definition of waste, fraud,
and abuse. If you talk to a Republican congressman from Oklahoma,
this is their definition of waste fraud and abuse. You
talk to Jasmine Crockett, liberal crazy from Texas, and this
is her definition of waste, fraud and abuse. To the
guy in Oklahoma, it's we have money going to the
(06:29):
wrong people. To Jasmine Crockett, it's no, that's money that's
a lifeline to somebody. This is I mean, you're talking
about a massive divide here. And just because we say
it's waste, fraud and abuse doesn't mean everybody thinks, let's.
Speaker 1 (06:40):
Send more to a transgender opera in Guatemala. That's a
great use of you, all right,
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