Income Tax Cut to Benefit the Wealthy
Tuesday, June 4th, 2013 -- 8:57 AM
-A nonpartisan analysis of a Republican-backed income tax cut plan in the Legislature shows the majority of the benefits would go to those earning more than $100,000 a year.The Legislative Fiscal Bureau analysis was released Monday by a Democratic lawmaker who requested it. The plan cuts rates and combines income tax brackets over the next two years.
Under the proposal, once fully implemented in 2015, about 64 percent of the cut would go to those earning more than $100,000 annually. Twenty-seven percent of the cut would go to those who make more than $200,000.
The average tax cut for someone making $15,000 would be $9 a year compared with $559 for someone making $100,000.
The Republican-controlled budget committee plans to vote on the tax cut plan Tuesday.
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