Aksarben Foundation releases report it commissioned by global consulting firm, DCI
Aksarben Foundation
The Aksarben Foundation, a statewide Nebraska business organization for over 100 years, has released a report prepared by Development Counsellors International (DCI), a national expert in economic development matters. The data shows that the competition for people and jobs across the U.S. has resulted in Nebraska losing people and jobs to other states, slowing the growth of employment and wages. Omaha’s economy has slowed to where it significantly lags its peers in terms of employment and wage growth. The data for the Lincoln, Nebraska market had very similar indicators to those of Omaha. Nebraska’s economy has slowed because of the lack of performance of Omaha’s and Lincoln’s economies. These two cities account for over 60% of the state’s tax revenue from income and sales taxes.
People are voting with their “feet” and the primary reasons people leave a state include higher property taxes, higher income taxes, and the opportunity for a higher paying job in another state. “Fortunately for Nebraska, Governor Pillen and his staff have been working extremely hard since taking office to lower property taxes and lower income taxes through a wider sales tax base and more efficient government spending,” said Mike Cassling, Chairman of the Aksarben Board of Governors. “With few, if any exceptions, states with low property taxes, low to no income taxes, and a broader sales tax base are able to invest in their state’s economy and win the battle for people and jobs. States with higher property taxes, higher income taxes, and a narrow sales tax base are struggling to grow their economies. In many instances these states are also experiencing tax revenue shortfalls and consequently forced to spend their time cutting budgets rather than investing in the state’s economic future”, Cassling said…