LB 461, the tax-cut package put forth by the Revenue Committee, is first and foremost an income tax cut for wealthy Nebraskans and the proposal does little to truly address property tax relief.
Under LB 337, a Nebraskan in the top 1 percent of incomes would would receive an average tax cut of about $5,810 a year; a middle-income earner would receive about $39 annually on average; and the lowest-earning taxpayer would, on average, receive no tax cut.
Lawmakers have enacted several significant tax reductions over the last decade. The reductions have been for all kinds of taxes but most major tax-cut legislation since 2005 has focused on income taxes.
In spite of its gradual implementation, LB 357 would leave future lawmakers with a budget crisis as they inherit a depleted cash reserve and the need to make continuous cuts to vital services like schools and health care.
Property tax “circuit breakers” like the one proposed in LB 186 are a way to provide targeted tax reductions to those whose property taxes are high in relation to their incomes.
A look at the data debunks a common misconception regarding Nebraska’s farmers and ranchers and what they pay in taxes.
April Tax Receipts Confirm Sluggish Economy Revenue forecasts only part of the economic picture An announcement by the Nebraska Department of Revenue that April tax receipts were 7.2 percent below the projection [...]
Middle-income Nebraskans pay relatively low taxes compared to their counterparts in eight nearby states with similar economies and tax structures.
OpenSky commissioned the Institute on Taxation and Economic Policy (ITEP) to forecast a hypothetical scenario in which the state cuts its top income tax rate to 5 percent. The analysis showed about 40 percent of the tax cut would leave the state.
Corporate income tax cuts don’t cause economic growth Download a printable PDF of this report. Reducing corporate income taxes in Nebraska is not a strategy that will lead to more jobs and [...]
