Thanks to the Bellevue Leader and nearly 100 fired-up taxpayers for attending our very first Strong Roots Nebraska Tax Relief Town Hall at Bellevue University. We were proud to host Senators Sue Crawford, Tommy Garrett, and Brett Lindstrom for an event on retirement income taxes. Each of the senators has worked on legislation to bring down this destructive portion of Nebraska’s high income taxes.
When it comes to tax policy, Nebraska is at a major disadvantage against most of our neighbors and the country’s fastest growing states. This quote from the article by Sen. Garrett says it all:
“All you have to do is go across that river and they don’t tax your retirement,” he said. “It doesn’t take a mathematical genius to figure out that Iowa is bending over backwards to get retired military folks into Iowa, and they’re drawing a lot of folks from Nebraska.”
As reported in the Bellevue Leader:
Jim Vokal, chief executive officer of the Platte Institute, presented a chart showing that all six states that border Nebraska offer a better deal to retirees:
South Dakota and Wyoming have no state income taxes at all, the chart showed, while Iowa exempts both military retirement income and Social Security payments. Kansas exempts military retirement income and exempts Social Security on incomes less than $75,000. Colorado grants more generous partial exemption than does Nebraska, while Missouri will fully exempt military retiree income beginning this year and exempts Social Security income on incomes less than $100,000.
“It is the belief of the Platte Institute, based on the research we have seen, that tax policy does matter when it comes to population retention,” said Vokal.