Wow! Senator Danielle Conrad Wants to Tax NU’s Chancellors + President Milliken; Half of Conrad’s Cited 4,000 Such Earners are 2-NU-Income Vice-Chancellors/Deans/Provosts + Single Earner NU Coaches or We Could Rollback NU Salaries [6 of 1; half dozen of another]

January 23, 2013

Uncategorized

Senator invokes ‘Buffett rule,’ asks state to raise income taxes on wealthy
By Paul Hammel
WORLD-HERALD BUREAU

LINCOLN — A Lincoln state senator wants Nebraska to adopt a state “Buffett Rule” and raise income taxes on the wealthy.

The proposal, introduced Wednesday, comes as Gov. Dave Heineman wants the state to move in an opposite direction, and eliminate all state income taxes.

Sen. Danielle Conrad of Lincoln said there’s no proof that the elimination of income taxes will spur economic growth, as the governor says. She described Heineman’s plan as shifting more taxes onto working families and reducing taxes for the wealthy.

“I think we have a good (tax) system now,” Conrad said. “His plan is radical and dangerous.”

 

Danielle Conrad

 

The senator’s proposal, Legislative Bill 532, would create a new tax bracket for individuals earning more than $400,000 a year in taxable income, and couples earning $450,000.

Those are the same benchmarks used in the recent federal tax law changes inspired, in part, by comments made by Omaha’s billionaire investor Warren Buffett, who said he paid a lower effective tax rate than his secretary, and that the rich should pay more. It became known as the “Buffett Rule.”

Under Conrad’s proposal in Nebraska, an estimated 4,000 high wage earners would pay a 7.74 percent tax, rather than the current 6.84 percent. That would generate an extra $35 million to $45 million a year in income taxes, the senator said, which could be used for a variety of state programs.

The plan offered by Conrad, a Democrat, is similar to proposals introduced in some other states with Democratic majorities in their statehouses. Heineman, a Republican, has a tax reform proposal similar to those being considered in the GOP states of North Carolina and Louisiana.

Contact the writer:402-473-9584, paul.hammel@owh.com

 

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