Anyone who claims Nebraska’s high tax revenues are an anomaly has not been paying attention.
Years of incremental tax reform, combined with consistent state spending discipline, has been a driver of historically high tax revenues. This was true before the pandemic, and it’s true now. Nebraska’s revenue forecasts are now north of $6 billion for the next fiscal year, while our state budget hovers under $5 billion.
Our economy is growing. But it has much more potential to grow if we do more to address our workforce and tax issues.
This year, Nebraska’s leaders can address the high tax burden stifling productivity, investment in our businesses and workforce talent and quality of life in our communities for our Nebraska families.
Governor Jim Pillen’s tax plan will put Nebraska on the map of lower-tax states at long last, with a top income tax rate of 3.99%, exemptions for social security and military retirement income, and finally addressing high property tax in a serious way. Passing these bills must be a priority for our legislators.
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Why? Because the economic future of our state for our children and grandchildren is dependent upon remaining competitive for talent, jobs and economic growth.
We still have a way to go before reaching our full growth potential. But think how far we’ll get if we give those extra tax dollars back to Nebraskans. After all, it’s their hard-earned money, and our consistently high revenues show that they have been over-taxed for quite some time.
Recently, we’ve seen strong economic growth. We’ve seen state coffers grow. Let’s keep the momentum. Let’s put the pedal to the metal on tax relief for Nebraskans and truly accelerate our state.
Completing the necessary investments in income and property tax relief, combined with investments in education, will be game changers in unleashing our economy, keeping Nebraska sectors competitive globally and delivering new opportunities for families.
The future of Nebraska’s economy, communities and families depends on it.
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