[Vision2020] Otter Sponsors More Tax Cuts for Corporations and Top Income Bracket

[Shirley Ringo]

Currently, the highest tax bracket it for taxable income above $20,000 at a rate of 7.8%.  The next lower bracket is taxable income above $7,500 at 7.4%.  Moyle’s bill eliminates the $20,000 bracket, so that the highest bracket is over $7,500 at 7.4%.  That and the proposed corporate tax cut will eliminate $35,000,000 in much needed state revenue.

 

Some response to the 99% protesters, huh?

 

Shirley

 

From: vision2020-bounces at moscow.com [mailto:vision2020-bounces at moscow.com] On Behalf Of Tom Hansen
Sent: Wednesday, February 29, 2012 6:37 AM
To: Moscow Vision 2020
Subject: [Vision2020] Otter Sponsors More Tax Cuts for Corporations and Top Income Bracket

 

Esto perpetua, V-Peeps.

 

Courtesy of today's (February 29, 2012) Spokesman-Review.

 

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Tax cut for top earners clears panel


BOISE – A $35.7 million income tax cut for Idaho corporations and top individual earners cleared the House tax committee Tuesday and headed for the full House with 40 of the 70 House members co-sponsoring it.

The measure, HB 563, is co-sponsored by Gov. Butch Otter; it would lower Idaho’s top individual income tax rate from 7.8 percent to 7.4 percent and lower the corporate tax rate from 7.6 percent to 7.4 percent. About 17 percent of Idaho income taxpayers would benefit.

Rep. John Rusche, D-Lewiston, one of just four opponents in the House committee, said, “I don’t think it’s responsible to cut taxes when we can’t meet the current needs.” Also voting no was the committee’s chairman, Rep. Dennis Lake, R-Blackfoot.

House Majority Leader Mike Moyle, R-Star, the bill’s lead sponsor, said, “It’s probably the best economic development bill we’ve seen all year.”

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Idaho House Bill 563

http://www.legislature.idaho.gov/legislation/2012/H0563.pdf

 

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Seeya later, Moscow.

 

Tom Hansen

Coeur d'Alene, Idaho

 

"If not us, who?

If not now, when?"

 

- Unknown

 

 

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