Posts tagged: tax cut
A $36 million tax cut for Idaho’s top earners is roaring through the Idaho Legislature, backed by Gov. Butch Otter and co-sponsored by a majority of the members of the Idaho House. The move comes even as Idaho’s reeling from three years of deep budget cuts to everything from schools to Medicaid, very few of which are being restored. “The governor has recommended that we not collect this money, that we’re collecting too much,” said Rep. Marv Hagedorn (pictured), R-Meridian, one of the bill’s 40 house co-sponsors; the Idaho House has 70 members. “It’s probably the best economic development bill we’ve seen all year,” declared House Majority Leader Mike Moyle, HB 563’s lead sponsor. The bill passed the House on a 49-20 vote today and now heads to the Senate/Betsy Russell, Eye On Boise. More here.
Question: I can think of far better use for a budget surplus than tax cut for Idaho's top earners, can't you?
Who would benefit from tax cut: For a married couple filing jointly with no dependents, it's $72,520. For a couple with two children, it's $79,920. More here.
The House Revenue & Taxation Committee has approved HB 563 on a 13-4 vote, and sent it to the full House with a recommendation that it “do pass.” The bill, which permanently cuts individual and corporate income taxes for top earners by $35.7 million a year, is co-sponsored by 40 of the 70 members of the House. Rep. Marv Hagedorn, R-Meridian, told the committee, “The governor has recommended that we not collect this money, that we're collecting too much.” House Majority Caucus Chairman Ken Roberts, R-Donnelly (pictured), who made the motion to pass the bill, said, “It's not the $45 million that the governor proposed in his budget … but unless we move forward with putting a number and a tax bill before the Legislature, it's likely that the budget committee will basically spend everything we have”/Betsy Russell, Eye On Boise. More here.
Question: Rep. John Rusche, D-Lewiston, comments that it's irresponsible to cut taxes when the state can't meet its current needs. What do you think?