SB 59: Income Tax Cuts
This bill passed the House 63-12 and passed the Senate 22-5.
It’s no secret that income tax cuts spur economic growth. When income taxes are reduced, citizens across the state can maintain an increased amount of post-tax income. This income can then be spent at local businesses, used to start a new small business, or simply to purchase more necessary goods and services.
Allowing citizens and businesses to keep more of their income is substantially more beneficial than having the government use taxes to fund intrusive and unnecessary programs. Individuals, obviously, can make better decisions about how to spend their income than the government can. When individuals are able to keep more of their income they have the freedom to spend their money how they think best, not how the government deems appropriate.
Senate Bill 59, sponsored by Senator Daniel McCay, would amend the corporate franchise and income tax rates, amend the individual income tax rate, and exempt certain pieces of personal property from sales and use tax. Notably, this bill would drop the individual income tax rate to 4.85%.