House committee slashes tax increases

The House Ways and Means Committee on Monday approved its own tax package slashing many of the tax hikes approved by the Senate last week.

Voting along party lines, the committee approved 16-6 a tax proposal that would raise $190 million for state coffers — about half of the $415 million that would be raised by the Senate’s version.

The committee’s plan raises the income tax rate by .25% only for earned income over $100,000, rather than for anyone making $3,000 or more a year as the Senate had proposed. It also eliminates a controversial plan to tax all income for those making more than $500,000 a year at 5.75%.

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