Here’s a link to my full story at spokesman.com on today’s tax-cut legislation, which cleared the House Revenue & Taxation Committee this morning on a party-line vote and headed to the full House. The measure, from House Majority Leader Mike Moyle, R-Star, would lower the top rate in Idaho, for both corporate and personal income taxes, from 7.4 percent to 7.2 percent, and also exempt the first $750 of taxable income from tax, to provide a break at the lower end as well.
Almost half of Idaho’s taxpayers are in that upper bracket, which kicks in for those with taxable income of just $10,905. For a family of four taking standard deductions, that equates to a household income of $39,605; for a single person, $21,255.
Idaho’s median household income was $48,920 in 2015, according to U.S. Census data; that ranked 40th among the 50 states.