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1 Katherine Loughead, Tax Modernization: A Key to Economic Recovery and Growth in Nebraska 1 (2020)

handle is hein.taxfoundation/tffmod0001 and id is 1 raw text is: Tax Modernization: TX A Key to Economic Recovery and Growth in Nebraska Katherine Loughead1 Senior Policy Analyst Key Findings An ideal tax code is one that is simple, transparent, neutral, and stable, but many states, including Nebraska, have certain tax provisions that depart from these principles of sound tax policy. The COVID-19 pandemic and associated economic fallout have shed light on structural deficiencies in states' tax codes, including narrow-based sales taxes and taxes that penalize in-state investment. States with modern, well-structured tax codes are expected to recover better from the current recession than states with outdated, poorly structured tax codes. To promote short-term economic recovery and long-term economic growth, Nebraska policymakers ought to reexamine the uncompetitive and burdensome provisions that currently exist in Nebraska's tax code and prioritize those areas for reform. Any tax reform plan that is developed in Nebraska ought to prioritize lower corporate and individual income tax rates, more competitive treatment of in-state investment, and reduced property tax burdens-reforms that can be paid for in part by modernization of the sales tax base. ©2020 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org 1 The author would like to thank Maxwell James for his research contributions.

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