A new report shows Nebraska is one of the top five states regarding fiscal health. Platte Institute for Economic Research Executive Director Jim Vokal says ranked 4th best for cash position in the country and tied for 4th place when it comes to reliability of revenue.
Vokal says Nebraska has $780-million in cash reserves but Nebraskans are still not seeing across the board tax cuts for middle class residents. He says Nebraska has the highest income tax rate from North Dakota to Texas and is the 13th highest for property tax collections.
Vokal says, “There is a lot of pressure from senators and outside interest groups to carve out exemptions for certain groups but not for the middle class where it is needed most.”
Vokal believes the overall Legislature would like to debate a broad based tax reform bill but the Revenue Committee showed last session they are more interested in carving out deductions and tax breaks for car washes and certain property owners.