$6.368 billion
Net General Fund tax receipts in Nebraska for FY 2022-23 totaled $6.368 billion, or 0.05% above the April forecast. But with recent tax cuts not reflected in those numbers and a historic drawdown of the state’s cash reserve last session, lawmakers removed some of the cushion available to the state to weather a potential economic downturn. The tax cuts will reduce future state revenues by at least $950 annually, or about 15% of annual receipts reported Friday.
Read more from the Omaha World-Herald
$900 million
Enrollment in Arizona’s private school voucher program is far exceeding projections, with expectations that it could cost the state $900 million. The state budgeted $552 million for the program in the current fiscal year. Vouchers launched in Arizona in 2013 at a cost of $5 million.
In survey results released by OpenSky Policy Institute on Thursday, likely voters in Nebraska ranked expanding career training and reducing the state’s teacher shortage as high priorities for investing available tax dollars in education. Providing state tax credits for private school scholarships ranked lowest on the priority list.
View survey results from OpenSky
More on vouchers from the Arizona Republic
$48 million
Nebraskans in the 91 counties outside of Lincoln and Omaha have access to $48 million in Emergency Rental Assistance after Gov. Jim Pillen did what Gov. Pete Ricketts would not do — apply for federal aid to help renters to ward off evictions. State officials expect to start accepting and vetting requests from renters in September.
Read more from the Nebraska Examiner
2.3%
The top 1% of earners in America paid 2.3% of their income in taxes to finance Social Security and Medicare last year. Meanwhile, the 20% of Americans with the lowest wages paid 8.4%. Earners in the second quintile and middle 20% paid 10% or more.
On Wednesday, the Senate Committee on Budget heard testimony on how to make Social Security taxes less regressive while shoring up a pending revenue gap threatening this critical program. For 4 in 10 retirees, Social Security provides at least half of their income and is especially important for people of color who are less likely to be offered workplace retirement plans.
Read more from Institute on Taxation and Economic Policy
Read more from CNBC on Social Security reform debate
$30
Every volunteer hour worked is worth about $30 and provides an important resource for charities nationwide feeling the pinch of fewer donations amid the pressures of inflation. This week, OpenSky Executive Director Dr. Rebecca Firestone joined volunteers at Omaha’s Henry Doorly Zoo and spoke with KETV about the importance of giving back to your community.