Nebraska
Principles of good tax policy • Nebraska Examiner
Gov. Jim Pillen is embarking on a policy campaign to sell a new plan meant to lower property taxes. He’s hitting the road making his pitch to voters and state senators in communities around the state.
If you have planned a summer vacation, you know that a great trip does not happen on its own — it takes vision, planning and strong execution. The same is true for state tax policy. Before embarking on a restructuring of Nebraska’s tax system, it’s important to set goals and map out the path to our ideal destination.
We can all agree we want to arrive at a destination where Nebraska has a tax system that allows individuals and businesses to thrive, for our state to compete with our peers, and a system that is fair and equitable for all. How we get there, and what principles we follow, are the primary questions at hand. Achieving meaningful tax reform requires more than a big goal; it must be built upon sound tax policies that will endure for generations to come.
Prior to 2023, Nebraska consistently ranked high among peer states for income tax rates and property tax burdens. Unfortunately, budgets were tight during that time, which limited fiscally responsible means for reducing these taxes. Regardless, our state leaders knew Nebraska had to perform better if it was to successfully compete with peer states for business and job growth and personal prosperity.
Finally, in 2023, Nebraska had its shot. Due to a revenue surplus, in part because ofthe COVID crisis, Nebraska was able to slash its income tax rates to 3.99% over five years and also eliminate community colleges’ ability to levy property tax. These changes significantly enhanced our state’s tax code; however, they did not happen overnight, and they did not happen by accident. Despite this reform, Nebraska still has the seventh highest property tax rate in the country. As we look forward now, we need to consider what goes into good tax policy, and how Nebraska can ensure we get the best outcome for our state.
Budgetary restraint
Foundational to any good tax policy is budgetary restraint. Although Nebraska was able to accomplish significant reforms due to excess revenue, only budgetary restraint can provide sustainable tax relief. That is, future tax reforms should not rely on a tax shift, but instead focus on capping local spending growth and promoting budget restraint.
Simplicity
Good tax policy is also rooted in simplicity. A tax code that is easy to understand and comply with reduces administrative costs and economic distortions. Nebraska’s recent reforms aimed to simplify the tax code by reducing the number of brackets and lowering rates. Eliminating the community college property tax simplified the overall property tax system. Future reforms should continue this trend towards simplicity, making the tax system as straightforward as possible while ensuring that elected officials are accountable to the taxpayer.
Transparency
Transparency is another critical principle of foundational tax reform. A transparent tax system ensures that taxpayers understand how their money is being used and can hold government officials accountable. Transparency also means keeping accountability at the level of government most accessible to the taxpayer. This means local decisions should stay in the hands of local elected officials, not bureaucrats in Lincoln. Nebraska should continue to prioritize transparency, building trust with taxpayers and ensuring that public funds are managed responsibly.
Economic growth
Lastly, economic growth should be a guiding objective. Tax policies that promote investment, job creation and economic expansion benefit all Nebraskans. By keeping tax rates competitive and reducing burdensome regulations, Nebraska can attract new businesses and retain existing ones, driving economic prosperity. Legislators should reject ideas that raise taxes on business inputs and instead focus on policies that spur economic growth throughout our state.
The principles of budgetary restraint, simplicity, transparency and economic growth form the bedrock of sound tax policy. As Nebraska looks to further improve its tax system, these principles will guide us toward a fairer, more prosperous future for all. In the next part of this series, we will explore specific policy solutions to achieve property tax reform, building on this strong and principled foundation.
In conclusion, it is wise to have a clear understanding of the objective before embarking on the journey. For Nebraska, the objective should be statewide population and job growth, business creation and personal prosperity, partnered with state and local spending controls and fiscal policies that help sustain Nebraska’s performance, even through economic turbulence.
Nebraska
How they voted: Nebraska, Iowa senators vote against protecting in-vitro fertilization
(WOWT) – Senators from Nebraska and Iowa joined their fellow Republicans voting against a bill to ensure the availability of fertility treatment, including in-vitro fertilization.
Thursday’s final vote tally on S. 4445, termed the Right to IVF Act, was 48-47, largely along party lines. Five senators abstained from voting — two Democrats, one Republican, and two Independents.
Here’s how Nebraska and Iowa senators voted Thursday:
- Sen. Deb Fischer, R-Neb.: NAY
- Sen. Pete Ricketts, R-Neb.: NAY
- Sen. Chuck Grassley, R-Iowa: NAY
- Sen. Joni Ernst, R-Iowa: NAY
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Nebraska
Corn Nation Overreaction Revisits Nebraska Football’s Loss to National Champion Michigan
This week on Corn Nation Overreaction, Greg and Hoss are revisiting the September 30, 2023 loss to eventual national champion Michigan.
Hoss calls Greg out on his Kool-Aid consumption as he explains passing on the opportunity to attend this game, sit in the 93-degree heat, and watch the Huskers get their brains bashed in 45-7.
Joshua Fleeks provides Nebraska’s only score late in the contest as JJ McCarthy and Blake Corum have a field day at Memorial Stadium. And the guys compare the 2023 loss to the 2021 loss, which Hoss describes as “the best offensive game plan of the Scott Frost era.”
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Nebraska
Nebraska Racing and Gaming delays Hastings Exposition and Racing transfer of license due to missing documentation
LINCOLN, Neb. (KSNB) – Nebraska Racing and Gaming had a meeting with Hastings Exposition and Racing about moving their racing license from Adams to Keith County on Thursday. They have been in this transition for quite some time and were expecting to get approved, but the wait will continue.
The main reason is because Hastings Exposition and Racing didn’t provide documents showing they own the property in Ogallala. Nebraska Racing and Gaming voted 5 to 2 in favor of revisiting the agenda item on July 19.
The questions came when NRGC was reviewing plans and had a query about the size of horse stalls. They asked Chief racing Officer of American Quarter Horse Racing, Janet VanBebber, if 12×10.5 stalls would work and she said yes. The the Racing and Gaming Commission turned their attention to paperwork and noticed there wasn’t anything showing Hastings Exposition had ownership of the property.
Hastings Exposition wanted to keep that information confidential until approval.
Nebraska Racing and Gaming Commission is giving Hastings Exposition until June 28 to present the signed agreement. If presented sooner they might not have to wait until July 19 for approval. When they are approved they must build the racetrack within 14 months.
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