State lawmakers on Thursday approved income tax cuts, hikes in state property tax credits, a tax credit for child care and a boost to school funding to offset property taxes.
The Nebraska Examiner story notes OpenSky Policy Institute’s objection that the state risks cutting taxes too deeply and spending so much on tax credits and tax offsets that it puts future funding for state services at risk.
OpenSky projects that most Nebraskans would eventually receive an income tax cut of less than $300, while the state’s top earners would see tax breaks at least double that amount. The top 1% would pay tens of thousands less.