Nebraska ranks seventh in the nation for overall economic health, according to a new report.
The Fraser Institute publishes the annualEconomic Freedom of America Report. The report defines economic freedom as the ability of individuals and families to live, work, and create new businesses without government interference.
Kathleen Sheehan, assistant professor of economics at Creighton University, says Nebraska fared well when it came to the size of government and the labor market.
"Where Nebraska is struggling is with our tax system. The taxes in Nebraska are really high, and if we look at that individual aspect of the report, Nebraska ranks 40th overall. So we rank 7th in terms of economic freedom, but with taxes we rank 40th. And that’s going to cause a problem for Nebraska going forward with long-term growth and prosperity."
Sheehan says the Legislature should look at Nebraska’s corporate income tax and personal property tax systems. Property taxes are expected to be a major area of focus when the Unicameral returns to session in January.