The battle over taxes became a lot clearer last week as the Revenue Committee advanced LB461 (Smith), a package of income and property tax cuts that, as amended, would cost the state $458 million a year when fully implemented. The bill includes elements of LB337 (Smith) and LB338 (Brasch), the Governor’s tax plan proposals, as well as elements of LB452 (Lindstrom). Amended together in LB461, this creates a mega tax cut plan geared primarily toward wealthy Nebraskans.
The Open Sky Policy Institute says as much as 74% of the cuts would go to the state’s top 20 percent of income earners. Open-Sky Policy Institute Executive Director Renee Fry told the Lincoln Journal Star:
“This tax package is irresponsible policy. It does little to help the middle class but will force year over year cuts to higher education, K-12 schools, public safety and other vital services.”