Governor Ricketts has stated that one of his top priorities is to reduce taxes. I think that we can all agree that we would like to pay lower taxes, but there needs to be a responsible way to do it.
LB461 is not the tax policy that Nebraska needs.
What does LB461 do? It will provide tax cuts to the wealthiest of Nebraska's top 1% personal income tax rates. Under this proposal, the wealthiest 1% will get a tax break of $5,944 a year. That is a pretty decent chunk of change, while the rest of Nebraskans would get little or no tax relief.
Personally, I make less than $40,000 a year. How much tax relief am I going to get under this proposal? It will be less than $53 a year, if that. Essentially, the tax relief is less than the cost of a Nebraska football game. Yay for savings!
I work hard every day, trying to make sure I am able to maintain my normal day expenses as well as have the opportunity to save to retirement, go on a vacation, or even make improvements on my house. Other families in our community live paycheck to paycheck. In order for Nebraska to grow as a state, we absolutely need to have a tax policy that represents and grows working families. LB461 does nothing more than places a higher burden on the back of working families so that the state is able to maintain its fiscal needs.
At this time, the state faces a significant budget gap. With a budget gap and lack of new revenue coming in, does it make sense to cut taxes for the wealthiest 1%? Apparently, the Governor believes this is right course of action. Unfortunately, it will come at the cost of growing Nebraska's working families.
What Nebraska needs to do is reject this current proposal and send a clear message that to grow Nebraska, you need to invest in the working families of Nebraska. I urge you to contact your local senator that you oppose LB 461.