Tax | Pixabay by stevepb
Tax | Pixabay by stevepb
Our current tax system fails Nebraskans and needs reform now. For too long, our tax code has not been competitive. We rank 29th in the country for personal income tax rate and 32nd for business income tax rate. And as all Nebraskans know, we have some of the highest property taxes in the country. From the Missouri River to Harrison, Nebraskans are demanding that their leaders have the courage to cut taxes.
This past week, I introduced, with the help from state senators representing the Education, Appropriations, and Revenue Committees, a handful of bills that will provide nearly $1.5 billion in tax relief annually through cuts to property taxes, personal and business income taxes, and a full exemption of Social Security income.
Additionally, I have proposed important investments into K-12 education including funds to assist in hiring more teachers, special education, and a minimum of $1,500 per student through the TEEOSA formula. This will make our education system fairer and ensure we never give up on a kid. My education proposals include a 3% spending cap that will help cut property taxes as well as take community colleges off the property tax rolls.
We can accomplish these historic reforms because our proposed budget will be one of the most fiscally conservative budgets in our state’s history. In a time of economic uncertainty and high inflation, I have focused, with the help of our state agencies, on efficiency and cutting waste so that we can use excess state revenue for tax relief.
My highest priority for Nebraska is investing in our future and cutting taxes to keep our kids and grandkids here. If passed, these bills will spur economic growth that will secure Nebraska, for future generations, as the best place in the country to work and raise a family.
If you have any questions about our vision for Nebraska, please call my office at 402-471-2244 or email me at jim.pillen@nebraska.gov. Together we can!
Original source can be found here.
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