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Ricketts rallies Nebraska business owners behind tax plan

Gov. Pete Ricketts
Gov. Pete Ricketts

LINCOLN, Neb. (AP) — Gov. Pete Ricketts is rallying Nebraska’s business community behind his plan to cut the state’s top income tax rate.

Small business owners on Monday touted the measure, which would lower the top rate from 6.84 percent to 5.99 percent over eight years.

Ricketts says lowering the rate would encourage businesses to hire more people and invest more in their operations.

Critics of the plan point to tax cuts in Kansas, which failed to create any major economic growth and triggered a state budget crisis. Ricketts says his proposal is different because it’s incremental and relies on cutting expenses first.

Nebraska’s top bracket kicks in at $29,831 for single taxpayers and $59,661 for married couples. People whose taxable income is less after claiming deductions would see no savings.

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