LINCOLN - Much more needs to be done to fix Nebraska’s tax system.
That was the sentiment from panelist’s part of the Platte Institute’s virtual legislative summit Thursday.
Senator Lou Ann Linehan who is also the Revenue Committee Chair said she’s glad a property tax bill got passed, but a whole tax overhaul is needed as the current tax structure is old, complicated, and the income tax rate is too high.
Former Senator Jim Smith who is now the Executive Director of Blueprint Nebraska agreed and said much more needs to be accomplished.
Smith said there’s a group of tax subject matter experts with Blueprint Nebraska working to develop an ideal tax plan.
"We'll need to look at eliminating or significantly reducing personal and cooperate income taxes. We'll need to broaden the sales tax base and restructure the sales tax system to reflect our ever increasing service dominated economy and keep the future growth of property taxes in check by making constructive changes to the design and the way the escalate."
Linehan said legislators need to focus these next two years on structural tax change as they’ve lost six senators this year due to term limits and after next session they’ll lose 11 senators.