Bill adds tax on wealthy to help pay for schools


February 6, 2013 · 2:15 PM

House Bill 1545 would increase taxes on some taxpayers to help schools.

The intent of the Legislature is to ensure that the top one percent of citizens (in terms of income) in the state “contribute to sustain the paramount duty of the state to educate our children by requiring these wealthiest, those who have benefited greatly in this great recession, to pay their fair share through a two percent marginal tax on annual income exceeding $1 million.

An excise tax is imposed on the receipt of adjusted gross income above $1 million by residents or qualifying nonresidents deriving income from sources within the state.

The bill also stipulates that revenue received by the trust must be devoted to education, with the first priority being classroom size reduction in kindergarten through fourth grade.

 

Comment on this story.

COMMENTING RULES: We encourage an open exchange of ideas in our online community, but we ask you to follow our guidelines for respecting community standards. In a nutshell, don't say anything you wouldn't want your mother to read. Please see our FAQ if you have questions or concerns about using Facebook to comment.

So keep your comments:

  • Civil
  • Smart
  • On-topic
  • Free of profanity

We ask that all participants own their words by logging in with their Facebook account. It's a simple process that will take seconds and helps keep our comments free of trolls, cranks, and “drive-by” commenters. We reserve the right to remove comments from anyone using screen names, pseudonyms or false identities. Please refer to our Terms of Use for full detail on participating on our site.