The third time was the charm Wednesday for a massive tax cut proposal in the Nebraska Legislature. After failing to advance the package twice last week, lawmakers mustered enough votes Wednesday evening to overcome a filibuster and then advance the tax cuts on a 44-0 vote
The comprehensive and much amended proposal includes reductions in state individual and corporation income taxes, the phasing out of taxes on Social Security checks, and about $395 million in extra property tax credits.
Paul Hammel reports in the Nebraska examiner that all told it would cut state taxes by about $900 million when fully implemented. Proponents said that amount would be a record. Critics said it the hefty cuts could reduce state tax revenue to the point of harming education, road construction and other state services.
State Sen. Lou Ann Linehan of Elkhorn, a major architect of the much-amended proposal, called it an “important package” that would make Nebraska’s taxes more competitive with its neighbors.
“We need a tax climate that doesn’t scare people off,” Linehan said. To read the full story click here