You'll probably need to call a family meeting to decide how to divvy-up the windfall income tax rollback you are about to get from the state.
After all Junior will want a piece; Janey will want to stash some away for college and then Mom and Dad deserve something, too.
With an average of 25 bucks per year, just flip a coin to see who gets it.
The governor and GOP leaders have settled on moving up the starting date for a lower income tax rate. That rate will be sliced a whopping one-tenth of a percent in year one or about 7 cents a day.
The Senate GOP leader takes umbrage, suggesting that something is better than nothing. "25 bucks a year. The next year 50. The next year 75 and then 100," explains Monroe Republican Randy Richardville. "You know the good thing is, it's not $25 more. It's 25 less."
But the figure is a tad misleading. For those of you dragging down a hefty salary your savings will be well above that mark if a lobbyist for the truly needy, Karen Holcomb-Merrill, has her math right.
"If you are making about a million dollars...you would get $444 back."
Hum. $25 vs. $444.
Ms. Holcomb-Merrill sees all this as just election year "maneuvering" by the GOP to offset the tax hikes they imposed on the public last year. They disagree saying it's just time to share the wealth with everyone.
But if you do the math, this meager tax rate reduction will not come anywhere near replacing what you are still paying the state through lost tax credits and the like. However they are hoping you don't do the math and just focus on the term "tax-cut" which does have some appeal until you discover it ain't (sic) much.
The governor, who has signed off on all this, notes, "I'm a taxpayer, too and if I can get a little more relief, I'd be happier about it." Reminded by some snotty nose reporter that because he is well-off, his break will be bigger, the governor responds, "In terms of moving up the tax cut opportunity, this proposal is a good idea that we can do."
Notice he didn't answer the question about how he gets more and you get less. Maybe another time.
WTTG FOX 5 & myfoxdc
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