Russ Fulcher on Tax Reform
Lower the marginal tax rate for highest income
By removing the top tax bracket on individual income, this bill reduces the income tax from 7.8% to 7.4% for the highest income earners. Under this bill, that 7.4% personal tax rate will match the 7.4% corporate tax rate.
- Prior to proposed bill: Individuals' tax and tax on estates and trusts: on income over $7,500 but less than $20,000, the tax rate is 7.4%; on income over $20,000, the tax rate is 7.8%
Under proposed bill: the tax bracket is removed for income over $20,000, the tax rate is 7.4%
- Prior to proposed bill: tax on corporate income is 7.6%
- Under proposed bill: tax on corporate income is 7.4%
Legislative Outcome: Passed Senate 28-7-0 on March 29; Sen. Russ Fulcher voted YEA; passed House 49-20-1 on March 1; signed by Gov. Otter on April 5.
Source: Idaho legislative voting records: S 1082
, Mar 29, 2012
Page last updated: Sep 24, 2018