The facts about Nebraska’s current state tax system are as clear as the headwaters of the Elkhorn or Loup Rivers. Our state tax system is broken and terribly burdensome to Nebraska citizens. Most other states have taken bold action and Nebraska sits by, catering to special interests, to protect their narrow exemption from taxation, and maintain the outdated 1967 Nebraska Tax framework.
Senior citizens are moving away from their Nebraska grandchildren because the property taxes on their Nebraska homes consume far too much of their retirement income.
EPIC Consumption Tax Reform, LR264CA, is a bold and innovative plan that will make Nebraska competitive again. It will use an 8.97% Consumption tax on retail products and services to ELIMINATE (not reduce) 5 current Nebraska state taxes: 1. Property tax, 2. Income tax for individuals, 3. Income tax for corporations, 4. Sales tax, 5. inheritance tax
EPIC Consumption Tax will broaden the tax base from the current $49 billion of retail sales to $124 billion sales on retail products and services by eliminating thousands of exemptions. Hard-working low and middle income Nebraskans will benefit from EPIC as well. No consumption tax will be paid on used goods, only new goods. Every family will receive a monthly prebate to pay their consumption tax on purchases of necessities up to the federal poverty level.
Citizens who did not testify should IMMEDIATELY call or email the 8 Revenue Committee members and urge them to vote now to move EPIC out of committee for floor debate. All senators can then debate to verify if the pros far outweigh the cons. Then senators can vote and pass this constitutional amendment onto the 2022 general election ballot so the people can vote yes or no. Remember, the people pay the taxes, not the Legislature.
Let the people decide if they want EPIC Consumption Tax Reform.