Policy brief – Federal tax changes and what they mean for Nebraska
The close relationship between state and federal fiscal policies means tax changes currently being considered at the federal level could have a profound impact on Nebraska.
The close relationship between state and federal fiscal policies means tax changes currently being considered at the federal level could have a profound impact on Nebraska.
To help Nebraskans decode how the state makes budget decisions and creates tax policy, OpenSky Policy Institute has created Looking for Clarity: An Overview of Nebraska Budget and Tax Policy. This easy-to-read primer takes the confusion out of Nebraska’s laws and tax codes and distills it into a concise, manageable summary of how Nebraska collects and spends funds.
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.
As the Tax Modernization Committee starts its study of the Nebraska Tax Code, get an overview of the state's tax system.
Our Goal The goal of OpenSky Policy Institute is to put the state on a sustainable long-term growth path that will balance the needs of its citizens with the capacity of the [...]