Last week, House Democrats and Republicans unanimously passed a tax plan that includes $460 million in tax relief spread across every income bracket. This plan passed the Senate 24-9, sending it to Governor Kelly’s desk.
So, how does this effect your family? A family of three, two parents and a child, making $40,000 a year would receive a 32% income tax cut. Coupled with the passage of Senate Bill 96, a bill providing for child care expense support, this family would see an additional $600 in savings. A married couple with $80,000 in taxable income and $40,000 in Social Security benefits currently pays $2,939 in state income tax, but next year, this same couple would pay just $698…a 76% income tax cut!
