GOP bills seek to cut taxes
From :Bay to Bay News
DOVER — Republican-backed legislation awaiting action in the House of Representatives would cut taxes and provide tax credits to individuals.
Of the five bills, the most impactful and least likely to become law is House Bill 191. Sponsored by Rep. Rich Collins, R-Millsboro, the measure would cut taxes on personal income, gross business receipts and corporations.
Under the bill, each individual income tax bracket would be reduced by 10%. For instance, the lowest level, income between $2,000 and $5,001, would be taxed at 1.98%, instead of 2.2%, while the highest bracket, representing all income greater than $60,000, would go from 6.6% to 5.94%.
The corporate income tax would be slashed from 8.7% to 6.1%, and the gross receipts tax, which covers business revenue, would be sliced in half.
Though there is no analysis indicating the exact revenue impact of those changes yet, the House Republican caucus said it would save taxpayers more than $420 million a year. Read more here: https://baytobaynews.com/stories/gop-bills-seek-to-cut-taxes,49723