Nonprofit Organizations Discuss Corporate Tax Policy
OMAHA, NE – Today Wednesday June 29th, Unrig Our Economy Nebraska hosted a roundtable at the University of Nebraska Omaha focused on corporate tax cuts and how they threaten funding for everyday services that Nebraskans need. The roundtable featured a presentation from OpenSky Policy Institute’s senior fiscal policy analyst, Craig Beck, discussing Legislative Bill 873 – a bill that was recently passed in the state legislature that will phase in a series of tax cuts over time. In the end, the bill will result in $950 million annual loss of state funds, jeopardizing schools, health care, and other important services.
“These tax cuts will disproportionately benefit the wealthy and corporations while threatening services that are essential to a strong state economy,” Beck said.
Provisions such as reducing taxes on middle income families or giving direct payments were not included in the LB 873 package. Once fully implemented, 71% of LB873’s corporate tax cuts will directly benefit 20% of Nebraska’s wealthiest people. The $950 million annual loss, equivalent to about one-fifth of the state’s general fund budget, would be enough to pay for daycare for tens of thousands of Nebraska children, cover a year of tuition at the University of Nebraska Lincoln for more than 100,000 students, or hire more than 20,000 public school teachers.
Unrig Our Economy Nebraska believes that recent corporate tax cuts in our state and our country have and will continue to exacerbate economic disparities for working people, and will shine a light through education efforts on how we can get our tax code back on track.