State Leaders Unveil Blueprint For Tax Relief
*Audio Version Of Story Below*
Platte Institute Chief Strategy Officer Jim Smith, a former Nebraska state senator from Papillion and the president of the Blueprint Nebraska economic initiative, was in Grand Island yesterday to discuss tax modernization.
The Blueprint Nebraska plan proposes to reduce state income tax rates, fully eliminating state income taxes on earnings up to $50,000, or $100,000 for married couples filing jointly, increasing property tax relief by an additional $2 billion over the next decade, and eliminating Nebraska’s inheritance tax. The changes would be paid for by eliminating many sales tax exemptions, income tax deductions, and corporate tax credits. The current sales tax rate would remain the same, and the sales tax exemption for unprepared groceries and most medical services would remain in place.