As regular readers know, we at CTUP work closely with the folks the American Legislative Exchange Council (ALEC) to promote great state policies that will grow local economies.
So we are thrilled to announce that Nebraska is the latest state to join the 2023 Tax Rate Cut Movement. Jonathan Williams of ALEC provides the details:
“Last week, the Nebraska Unicameral Legislature passed substantial cuts to both personal and business income taxes. The highest income tax rate will be reduced to 3.99% from the current 6.84%. Nebraskans will also benefit from a new tax rate on business income, which will also be cut to 3.99% from the current 7.25% by 2027.”
This is great news, but we are still waiting for a governor/legislature to eliminate the state income tax entirely. Who will be the next Florida, Tennessee, or Texas?