LINCOLN, Neb. (AP) — Nebraska lawmakers squared off Wednesday on a bill that would lower the state’s top income tax rates, an idea backed by conservatives and business groups but fiercely opposed by some progressive lawmakers who cast it as a giveaway to high earners.

The bill would lower Nebraska’s top individual income tax rate from 6.84% to 5.84% by 2025. It would also drop the top corporate tax rate from 7.25% to 5.84% by 2026.

Nebraska imposes the top rate on taxable income above $64,430 for married couples filing jointly and $32,210 for individuals, according to the state Department of Revenue. Supporters of the bill argue that many middle-income residents earn far more than those amounts and thus pay some of their taxes at the highest rate.

“This is a tax cut for middle-class families,” said Sen. Lou Ann Linehan, of Omaha.

Opponents counter that the tax cuts would give a much larger benefit to the highest income earners. They also note that the tax rate is only imposed on taxable incomes, not gross incomes. Taxable income is almost always lower because it includes credits and deductions.

Senators also voiced concerns about the impact on the state’s finances and how that might affect other taxes.

“I feel like we’re going to open a can of worms that’s going to create other problems,” said Sen. Carol Blood, of Bellevue.

Lawmakers didn’t reach a vote on Wednesday and are likely to debate the bill over the next several days.