Work Begins On Fixing Nebraska's Tax Policy

LINCOLN -- Going into Tuesday's Tax Modernization Committee work session, The Institute on taxation and Economic Policy is forecasting a hypothetical scenario in which the state cuts its top income tax rate to 5%. Commissioned by the Open Sky Policy Institute, the analysis showed about 40% of the tax cut would leave the state. Of that $339 million, $134 million would go to federal taxes and non-Nebraska residents who are stockholders in Nebraska companies or who earn income from Nebraska sources, but don't live here. Lawmakers are only beginning to study the state's tax system in preparation for legislation next year.

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