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Feb. 18, 2022Lincoln, Neb. |  By: AP

Nebraska lawmakers kick off debate on income tax bill

taxes

LINCOLN, Neb. (AP) - Nebraska lawmakers are squaring off on a bill that would lower the state's top income tax rates, an idea backed by conservatives and business groups but fiercely opposed by some progressive lawmakers who cast it as a giveaway to high earners.

The bill would lower Nebraska's top individual income tax rate from 6.84% to 5.84% by 2025. It would also drop the top corporate tax rate from 7.25% to 5.84% by 2026.

The state Department of Revenue says Nebraska imposes the top rate on taxable income above $64,430 for married couples filling jointly and $32,210 for individuals.

Supporters of the bill argue that many middle-income residents earn far more than those amounts and thus pay some of their taxes at the highest rate.