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

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                           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                                 from the current recession than states with outdated, poorly structured tax

                                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
taxfoundation.org          1  The author would like to thank Maxwell James for his research contributions.

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