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Legislative leaders signal support for "millionaire's tax" as House prepares hearings
Summary
State legislative leaders told reporters they remain optimistic the proposed income tax on very high earners can clear the House after a scheduled Finance Committee hearing next week, while weighing the governor's suggested changes and updated revenue forecasts.
State legislative leaders said they still expect to advance a proposed income tax on the highest earners this short session, even as they consider changes suggested by the governor and parse an updated revenue forecast.
Speaker 2, summarizing the Senate priorities, said the caucus has made progress on affordability and protective measures this half of session and that the "millionaire's tax" remains central to longer-term fiscal sustainability. "The millionaire's tax ... really hits on all of the themes for us," Speaker 2 said, citing funds for a working-families tax credit and small-business tax relief.
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