Tax Relief

Main tax relief package deal fails in Legislature

A high-stakes attempt to resurrect a massive tax cut plan failed in the Unicameral Friday.Now not only is any tax relief this session in jeopardy but so could the budget bills as well.”If they want a budget we need tax cuts. We passed their budget they did not pass our tax cuts,” said State Sen. Lou Ann Linehan, the chairwoman of the Legislature’s Revenue Committee. The Revenue Committee was stymied earlier this week trying to advance a major tax package that included income and property tax cuts .They thought they had found a pathway forward by trying to piggyback it to another bill on the second round of consideration to make one big tax cut bill.”Oh my I love the smell of tax cuts in the morning,” said State Sen. Mike Flood. He supported the plan to merge the tax package with LB 825. That measure would speed up phasing out taxing social security benefits for the elderly.”This is a packaged deal,” said State Sen. Tom Briese. He filed the motion to amend LB 825. The total amount of cuts would send nearly $900 million a year back to taxpayers by 2025.”A substantial amount of tax to everyday Nebraskans, my constituent, your constituents. And I would suggest you don’ t want to be on the wrong side of this vote,” Briese said.But some senators were concerned about the amount, and don’t like cutting the top brackets for income and corporate taxes.”There are a population of people that aren’ t getting a tax cut from this at least from the income tax side,” State Sen. Tony Vargas said. State Sen. Machaela Cavanaugh called it a ‘poison pill’ for the social security bill which she supports.”People are being bribed by these amendments, and then being held hostage by Social Security,” Cavanaugh said.The plan came one vote short of advancing.Seventeen senators choose not to vote.”I’m shocked,” Linehan said.Linehan said she voted many budget items believing she had an agreement with other senators to support tax relief said now everything is in jeopardy.”The budget bill hasn’t gone to the governor yet. We don’t even need a budget bill this year,” Linehan said. But Linehan said there are still other options to get a major tax relief package passed in the final 12 days of the session. “People need to get some rest cooler heads will prevail I’m quite certain,” Linehan said.

A high-stakes attempt to resurrect a massive tax cut plan failed in the Unicameral Friday.

Now not only is any tax relief this session in jeopardy but so could the budget bills as well.

“If they want a budget we need tax cuts. We passed their budget they did not pass our tax cuts,” said State Sen. Lou Ann Linehan, the chairwoman of the Legislature’s Revenue Committee.

The Revenue Committee was stymied earlier this week trying to advance a major tax package that included income and property tax cuts.

They thought they had found a way forward by trying to piggyback it to another bill on the second round of consideration to make one big tax cut bill.

“Oh my I love the smell of tax cuts in the morning,” said State Sen. Mike Flood.

He supported the plan to merge the tax package with LB 825.

That measure would speed up phasing out taxing social security benefits for the elderly.

“This is a packaged deal,” said State Sen. Tom Briese.

He filed the motion to amend LB 825.

The total amount of cuts would send nearly $900 million a year back to taxpayers by 2025.

“A substantial amount of tax to everyday Nebraskans, my constituent, your constituents. And I would suggest you don’t want to be on the wrong side of this vote,” Briese said.

But some senators were concerned about the amount, and don’t like cutting the top brackets for income and corporate taxes.

“There are a population of people that aren’t getting a tax cut from this at least from the income tax side,” State Sen. Tony Vargas said.

State Sen. Machaela Cavanaugh called it a ‘poison pill’ for the social security bill which she supports.

“People are being bribed by these amendments, and then being held hostage by Social Security,” Cavanaugh said.

The plan came one vote short of advancing.

Seventeen senators choose not to vote.

“I’m shocked,” Linehan said.

Linehan said she voted many budget items believing she had an agreement with other senators to support tax relief.

She said now everything is in jeopardy.

“The budget bill hasn’t gone to the governor yet. We don’t even need a budget bill this year,” Linehan said.

But Linehan said there are still other options to get a major tax relief package passed in the final 12 days of the session.

“People need to get some rest cooler heads will prevail I’m quite certain,” Linehan said.

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