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Bill adds tax on wealthy to help pay for schools
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.