Blueprint for prosperity: New report requires ‘modernizing’ Nebraska tax system

A new report referred to as Blueprint Nebraska presents a plan to take care of the state’s prosperity and proceed “rising the nice life.”

The report by the non-profit group The Platte Institute requires “tax modernization”, elevated rural broadband service and expanded housing.

“The plan avoids pyramiding and taxing enterprise inputs but it surely does increase Nebraska’s gross sales tax base,” Jim Smith, a former Nebraska legislator who’s now an govt vice chairman of the The Platte Institute, informed The Middle Sq..

The income from increasing the gross sales tax to providers akin to well being care could be used to create a “flat tax” on company and particular person revenue, stated Smith: “Every little thing below $50,000 for a person could be fully exempt from state revenue taxes.”

The reforms would have many advantages to the state together with decreasing property taxes, Smith stated. He has been touring the state selling the “tax modernization” plan.

The proposal instantly drew fireplace from one other nonprofit group, the OpenSky Coverage Institute.

“Our preliminary have a look at the report left us with a number of questions and issues, most notably that many low- and middle-income households would pay considerably extra in taxes,” the group’s govt director Renee Fry stated in an announcement. “As is usually the case with studies like this, the satan is within the particulars and a cursory look left us skeptical in regards to the doable advantages of those tax modifications. “

Smith hopes the tax reform proposals will probably be thought-about by the Nebraska legislature subsequent yr.

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“However subsequent yr is the final yr of Gov. Pete Rickett’s time period,” Smith stated. “The best way politics play out, there could also be stress to kick the can down the street to the following governor.”

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