‘Strong Roots Nebraska’ Plan Would Boost Economic Outlook

American Legislator ^ | 2-27-15 | Ben Wilterdink

[ThethoughtsofGreg]

The recent state of Nebraska’s tax and fiscal policy climate has been lackluster compared to other states in the region. In the most recent edition of Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index Nebraska ranks 35th (1 being the best, 50 being the worst), which is the poorest economic outlook ranking in the region. Nebraska has been slowly falling behind its neighbors, especially South Dakota and Wyoming—two states without any income taxes—and Kansas improving its economic climate with major recent tax reform. Nebraska has also lost $2.58 billion in adjusted gross income (AGI) to other states from 1992 to 2011. But fortunately, there is a proposal that will help to turn the tide for Nebraska’s economy.

The proposal is called the “Strong Roots Nebraska” plan and it is currently being discussed in the Nebraska legislature. The plan would enact pro-growth tax relief over a period of several years. Once the plan is fully phased in, it would reduce Nebraska’s top personal income tax rate from 6.84 percent down to 5 percent and reduce the bottom income tax bracket to 0 percent, making sure Nebraskans can keep more of their hard earned money. The plan would also reduce the top corporate income tax rate from 7.81 percent down to 5 percent and reduce the bottom corporate income tax rate to 3.5 percent. The plan would also provide for some property tax relief.

[MountainDad]

Sounds good.
It’s a start...