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We had Committee meetings early and began at
Monday morning with only two 15 minute breaks. The House made the Monday deadline on all the bills, now it's up to the Senate to finish by next Tuesday.
We have of course now started on the Senate bills while they are working on three times as many bills from the House.
One of the fairest and best tax relief bills, tax indexing, was killed in the House. All 25 Republicans and 14 Democrats supported the bill and it failed on a 55 to 39 note. Essentially what this bill did was to gear the inflation rate to the tax deductions which would have stabilized the amount of State taxes we pay. Sorry to see this one go. it made a lot of sense (punningly dollars and cents).
However, another tax bill did pass and that one known as the “Robin Hood” bill took from the rich and gave to the lower salaried people. No loss of revenue for the State but those making over S50.000 would not be allowed to deduct contributions, interest, medical or taxes.
The upper income taxpayers would get a larger deduction at the beginning and a lower tax rate. No individual would really know
90.1%