Tax cut plans reach the statehouse, with maybe the best chance in years

With a pair of tax cut proposals introduced in the Idaho Legislature, the cadre of loyal tax foes in the House of Representatives is showing its determination to give the people of Idaho tax relief — whether they asked for it or not.

The proposals came from the House’s new Mr. and Mrs. Tax Cut: Reps. Mike Moyle, the House majority leader, and Janet Trujillo, who recently married. Moyle’s plan would exempt the first $750 in income from any taxes and cut the top personal income and corporate rates from 7.4 percent to 7.2 percent, at a cost of $51 million in forgone revenue.

Trujillo’s bill would address the state tax businesses pay on equipment, raising the exemption to $250,000 from $100,000. That would reduce tax revenues by an estimated $8 million.

The two proposals will start their path through the Legislature with full hearings before the House Revenue and Taxation Committee, probably in the coming week.

Read more here: http://www.idahostatesman.com/news/politics-government/state-politics/article129273879.html

[font color=330099]The tax cut is equal to $32 for those with household incomes in the middle 20%. Those in the top 1% would see a tax cut of $1,562.[/font]