Lawmakers consider income tax on rich.

( Warren Buffett)

LINCOLN, Neb. (AP) _ Nebraska lawmakers are considering a bill inspired by Omaha billionaire Warren Buffett that would increase income tax rates on the rich.

Senator Danielle Conrad of Lincoln asked lawmakers on Friday to consider creating a new state income tax bracket. Her bill comes up for discussion after Governor Dave Heineman called on lawmakers to eliminate or reduce state individual and corporate income taxes.

The new income tax rates under Conrad's bill would increase from 6.84 percent to 7.74 percent for individuals earning more than $400,000 a year, and married couples earning more than $450,000.

The Legislature's Revenue Committee heard the bill, along with a second measure by Conrad that would eliminate income tax reductions for capital gains and special dividends.

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