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national sales tax.
The revenue from these new sources, he claims, will allow the state to give exempt taxes on the first $15,000 in earnings, $30,000 for a married couple. The exemption alone, he said, would save $13 million “because 1.3 million low-income workers will no longer be required to file (a return).” Louderback estimates that every return processed costs the state $10.
The exemptions would solidify the earlier exemption for senior citizens which Gov. Warner’s tax plan would phase out for those not yet 65.
93.5%