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Committee pauses debate on proposal to eliminate top income-tax bracket after cost estimate cited
Summary
Members discussed removing the 2.5% top income-tax bracket and replacing it with a 1.95% rate above a higher threshold. A cost estimate given during the meeting made members reluctant to advance the change; no vote was taken and committee recessed until after session.
The House Finance and Taxation Committee discussed a proposal to eliminate the top 2.5% individual income-tax bracket and instead apply a 1.95% rate above a higher income threshold for married filers. Committee members said they did not have time in the session to fully investigate the fiscal impact and paused action on…
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