Petition | Taxes | 20170418

Nebraska Income Taxes Are Too High

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nebraska’s income taxes are higher than 5 of our 6 bordering states – we must do better. Governor Ricketts is fighting to grow Nebraska by reducing income taxes for middle class Nebraskans and simplifying the tax code to bring more jobs to our state. Sign our petition if you agree

Add Your Name Today!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Learn More About The 2017 Nebraska Taxpayer Reform Act

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES: Only one of our bordering states has higher income tax rates than Nebraska—that’s Iowa. Wyoming and South Dakota have no income tax, and Colorado, Kansas, and Missouri all have lower rates. REFORMING NEBRASKA INCOME TAXES:
Collapsing Brackets
Tax Credits for low-income families
Reducing the top tax bracket Collapses the number of tax brackets in Nebraska from 4 to 3.
Why is this important?
• Simplifies the tax code
• Attracts new businesses and business expansions that lead to more and better paying jobs Gives tax credits to low-income families starting in 2019:
• Increases the personal exemption credit
• Expands the Earned Income Tax Credit from being 10% of the federal credit to 12%
• Helps working families keep more of the money they earn Reduces the top tax bracket:
• In Nebraska, anyone with $29,830+ in taxable income is in the top tax bracket
• Reduces income taxes for the middle class
• Takes the top income tax rate down roughly one-tenth of one percent per year, starting in 2020, as long as revenue growth exceeds 3.5 percent, from 6.84% to under 6% PROPERTY TAXES: USA Today rates us 5th highest for property taxes. We can do better.
• Reduces ag land property taxes by 12% statewide*
• If levies stayed the same, would have reduced ag land valuations by $12 billion resulting in $147 million of tax relief for Nebraska farmers and ranchers
• Caps Nebraska aggregate ag land valuation growth at 3.5% annually
• Changes the ag property value assessment methodology from a market-based system to an income-potential assessment, starting in 2018
• Protects K-12 education by investing more than $30 million into the state aid formula and adding equalization aid to about 40 additional school districts
*If it had been in effect in 2017