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Senate committee advances income tax cut, critics warn it will deepen service shortfalls
Summary
The Senate Revenue & Tax committee voted to advance Senate Bill 8, which lowers the top individual income tax rate to 4.4%, cuts the corporate rate to 4.8%, and provides a $150 per-taxpayer credit. Testimony from education, disability and child-advocacy groups urged caution, saying prior cuts have already reduced funding for services.
Senate Bill 8, a proposal to cut the top individual income tax rate to 4.4%, reduce the corporate rate to 4.8% and offer a $150 refundable credit per taxpayer, was advanced by the Senate Revenue & Tax committee after public testimony largely opposed the measure.
Senator Dismain, sponsor of the bill, told committee members the proposal would "lower the individual income tax top rate to 4.4%" and reduce the corporate rate to 4.8%, while providing a $150 credit that phases out beginning at $89,600 for single filers and at $179,200 for married filers. The sponsor said the change would "benefit all taxpayers above $24,300" and framed the measure as part of a broader effort to attract jobs and grow wages.
Opponents at the committee hearing urged…
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