A bill was filed last week that threatens to continue the steep cuts to corporations in our state while continuing to benefit the wealthiest taxpayers in our state. Further analysis of this legislation can be found here, with it being compared to legislation from 2013 that passed and is hurting our state and economy today.
Coming on the heels of the 2013 tax cuts that primarily benefited the wealthy and profitable corporations, SB 526 would:
- Amount to over $1.5 billion in lost revenue for public services and programs by providing deeper income tax cuts, including reducing the personal income tax rate from the current rate of 5.75 percent to 5.5 by 2017
- Provide huge tax cuts to profitable corporations by further reducing the corporate income tax rate from 5 percent to 4 percent by 2017 and by changing the way profitable corporations can apportion their income
- Increase subsidies for corporations by expanding the business incentives program
It is time to take action! Can you write a letter to the editor about how these deep tax cuts will result in more revenue loss for our state? If so, click here.
Take good care. M.