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Nebraska Budget


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What corporations have left the state the last few years? What cuts has Rickets made to taxes? What sweat heart deals has he made with companies/industries?

 

I've been away for two years, but I didn't vote for Rickets, I voted for Chuck because he wasn't a slime ball and I genuinely thought he would have been a good choice for the state. Just which people could see past the R and the D.

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Which tax cuts have led to $1B less revenue currently?

Living in Minnesota, I haven't deciphered Nebraskas budget but I do know that despite a $900M deficit, Republicans are trying to still figure out how to cut more taxes even though they claim low tax revenues are partly to blame.

 

I would like someone to correct me if I'm wrong.

 

However, I don't think Ricketts has cut taxes. He wants to and he keeps talking about it. But, I don't believe he has accomplished that yet. Much of the talk with this budget has now gone to....."Not RAISING taxes" to cover the shortfall.

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Which tax cuts have led to $1B less revenue currently?

Living in Minnesota, I haven't deciphered Nebraskas budget but I do know that despite a $900M deficit, Republicans are trying to still figure out how to cut more taxes even though they claim low tax revenues are partly to blame.

 

So you're accusing people of things that didn't happen. That's nice ... I guess.

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Which tax cuts have led to $1B less revenue currently?

Living in Minnesota, I haven't deciphered Nebraskas budget but I do know that despite a $900M deficit, Republicans are trying to still figure out how to cut more taxes even though they claim low tax revenues are partly to blame.

 

So you're accusing people of things that didn't happen. That's nice ... I guess.

 

Might want to look at what the previous Republican governor did that was a lead up to what Nebraska is facing now.

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Which tax cuts have led to $1B less revenue currently?

Living in Minnesota, I haven't deciphered Nebraskas budget but I do know that despite a $900M deficit, Republicans are trying to still figure out how to cut more taxes even though they claim low tax revenues are partly to blame.

 

So you're accusing people of things that didn't happen. That's nice ... I guess.

 

Might want to look at what the previous Republican governor did that was a lead up to what Nebraska is facing now.

 

What level would Democrats put us at as far as tax burden? Right now we are sitting at 21st in the country. Should we be in the bottom half? Bottom third? Clear at the bottom at 50th?

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Which tax cuts have led to $1B less revenue currently?

Living in Minnesota, I haven't deciphered Nebraskas budget but I do know that despite a $900M deficit, Republicans are trying to still figure out how to cut more taxes even though they claim low tax revenues are partly to blame.

So you're accusing people of things that didn't happen. That's nice ... I guess.

Might want to look at what the previous Republican governor did that was a lead up to what Nebraska is facing now.

 

So do you actually know that it was changed or are you just going to keep stabbing hoping you hit something?

 

I can't find anything that shows any major changes in the last 30 years.

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I assume this is what you're talking about. It doesn't give a great explanation but it sounds like it was a psuedo-tax cut - didn't expressly cut taxes but changed how things are figured that amounted to the same thing. It says the total tax relief was $70M when you include an associated increase in the Property Tax Credit (which isn't a tax cut as far as state revenues go but is actually an increased expense at the state level).

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I assume this is what you're talking about. It doesn't give a great explanation but it sounds like it was a psuedo-tax cut - didn't expressly cut taxes but changed how things are figured that amounted to the same thing. It says the total tax relief was $70M when you include an associated increase in the Property Tax Credit (which isn't a tax cut as far as state revenues go but is actually an increased expense at the state level).

 

Correct me if I'm wrong, but aren't property taxes still a major source of complaint here three years later?

 

I don't really have a dog in this fight, other than hoping my tuition doesn't get jacked up. But if so it would appear the legislature hasn't had tremendous success in that area.

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I'm a student in the University system right now, so I'm pretty wary of this.

 

To me, the budget shortfall is largely due to the effects the Ag market is going through right now, but also reflects poorly on Rickett's ability as governor. As if I needed more reason to dislike that guy.

 

Re: Trump's policies, the US is the world's #1 grower/exporter of corn, and Mexico is the #1 importer of US corn. Nebraska is the third-highest corn producing state, and with Iowa first and the rest of the Midwest rounding out the top 15.

 

It's going to REALLY hurt the Midwest if NAFTA blows up and our relationship with Mexico worsens. There could be reciprocal tariffs, or they could start growing their own corn. Trump should tread lightly there or we're all going to hurt.

 

That's what they wanted when they voted Trump.

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I assume this is what you're talking about. It doesn't give a great explanation but it sounds like it was a psuedo-tax cut - didn't expressly cut taxes but changed how things are figured that amounted to the same thing. It says the total tax relief was $70M when you include an associated increase in the Property Tax Credit (which isn't a tax cut as far as state revenues go but is actually an increased expense at the state level).

 

Correct me if I'm wrong, but aren't property taxes still a major source of complaint here three years later?

 

I don't really have a dog in this fight, other than hoping my tuition doesn't get jacked up. But if so it would appear the legislature hasn't had tremendous success in that area.

 

Property taxes are definitely the biggest complaint. People want all their taxes to be less but comparatively there is basically no push to change income or sales tax (thought I think Ricketts has proposed lowering the top income tax bracket).

 

But the state doesn't collect property taxes. So that doesn't affect state revenues. They've tried to provide some property tax relief through the Property Tax Credit but it's not a big number (relatively speaking).

 

There was definitely a push to try to do something to address property taxes this time around but once the shortfall in projected revenues came out, it basically eliminated any chance of substantial changes on that front.

 

Basically the thing the state would have to do to provide property tax relief would be to put more money in the pot for K-12 education state aid which would/should let school districts decrease their property tax asking. But I don't think that has any hope of increasing significantly at this time.

 

Edit: I guess they are looking at sales tax - not increasing the tax rate but getting rid of some of the exemptions from sales tax. Basically broadening the base. I would think those proposals would be getting a long look to try to increase revenue.

Edited by Mavric
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Just from my small experience with the state budget/funding over the last couple years is that the drop in ag commodities and then the drop in ag land valuations is reeking havoc on budgets. I'm not an expert on how it's all calculated. But, the drop in ag land prices has completely thrown off the state funding of schools. So, no, the state doesn't collect property taxes. But, some of their major funding to local communities is based on what the community can expect to get from property taxes.

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Just from my small experience with the state budget/funding over the last couple years is that the drop in ag commodities and then the drop in ag land valuations is reeking havoc on budgets. I'm not an expert on how it's all calculated. But, the drop in ag land prices has completely thrown off the state funding of schools. So, no, the state doesn't collect property taxes. But, some of their major funding to local communities is based on what the community can expect to get from property taxes.

 

I guess I'm not sure I follow you. I think you are confusing commodity prices with land prices. Commodity prices have dropped significantly in the last couple years. But land prices have not dropped significantly. Perhaps moderately but not nearly to the extent that commodity prices have. Plus there is usually a delayed effect in how fast land valuations track actual selling prices. So I don't think that land valuations - which drive property taxes - have had much of an effect on state and municipal budgets so far.

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Just from my small experience with the state budget/funding over the last couple years is that the drop in ag commodities and then the drop in ag land valuations is reeking havoc on budgets. I'm not an expert on how it's all calculated. But, the drop in ag land prices has completely thrown off the state funding of schools. So, no, the state doesn't collect property taxes. But, some of their major funding to local communities is based on what the community can expect to get from property taxes.

 

I guess I'm not sure I follow you. I think you are confusing commodity prices with land prices. Commodity prices have dropped significantly in the last couple years. But land prices have not dropped significantly. Perhaps moderately but not nearly to the extent that commodity prices have. Plus there is usually a delayed effect in how fast land valuations track actual selling prices. So I don't think that land valuations - which drive property taxes - have had much of an effect on state and municipal budgets so far.

 

No, I'm not confusing the issue.

 

Commodity prices have dropped which greatly affects income taxes. This is all the way from farmers to community businesses to large companies who sell into the ag industry.

 

It wasn't that long ago that we were seeing land sold for 10,000-12,000 per acre. Now, that is down to around 7,000-8,000. This has decreased the ability for counties to increase the land tax value. On top of that, because farmers aren't selling corn at 7.00, communities have not been able to increase their tax on land to off set drops in funding from the state.

 

This is way more complicated of an issue to completely spell it all out here and I am by far not an expert in the issue.

 

However, my main point is, land and commodity prices have had an issue on the state budget....more than any tax cuts that have been implemented at the state level.

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