The tax package unveiled by legislative Republicans on Thursday has several moving parts that together net a $2.6 billion tax cut over three years.
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What do you think?
We asked followers on our Facebook page to respond to the state plan to lower income taxes and raise sales taxes. here’s some of the responses:
Lisa Hospets: This proposal is harmful to our senior citizens. Most are already on fixed incomes and aren’t paying income tax. An increase in the sales tax will take a bite out of their monthly income, which often isn’t much. Which medication shall they do without in order to pay sales tax on other items?
Joshua Knight: 0.25% isn’t going to make that much of a difference in most people’s lives. 0.25% on a $200 grocery bill is only 50 cents. I say go for it. I would like to pay less overall in income tax.
Jason Lanning: Great idea. I can control spending. I can’t control money jerked out of my paycheck. The change would also cause the people on welfare to pay more on a consumption tax since they have no income. I agree with it.
Tony Quatermass: This is a pretty sweet deal for the wealthy. Great way to push taxes on lower income consumers who need to use a bigger portion of their income consuming in order to survive.
Mary Cornelius: I’ve just moved to Ohio from Tennessee where we had a near 10% sales tax and no income tax. It is a highly regressive tax system that penalizes the poor.
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How much would you save a year in income taxes?
Under the current proposal, if you are in the brackets below, you will save the number on the right annually starting in 2015 when the full tax cut would take effect.
More than $219,050: $2,794
Source: Department of Taxation