Lawmakers to Consider Raising Income Tax on Rich

By: Associated Press
By: Associated Press

Nebraska lawmakers will consider a bill inspired by Omaha billionaire Warren Buffett that would increase income tax rates on the rich.

Sen. Danielle Conrad of Lincoln will ask lawmakers on Friday to consider creating a new state income tax bracket.

Her bill comes up for discussion after Gov. Dave Heineman called on lawmakers to eliminate or reduce state individual and corporate income taxes.

The new income tax rates under Conrad's bill would increase from 6.84 percent to 7.74 percent for individuals earning more than $400,000 a year, and married couples earning more than $450,000.

The Legislature's Revenue Committee will hear the bill, along with a second measure by Conrad that would eliminate income tax reductions for capital gains and special dividends.

The bills are LB532 and LB626

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