02/24/05 - Taft Tax Reform Background
Governor Taft's proposal reduces the personal income tax by 21% across the board, and implements the cuts over a five-year period.
Personal Income Tax estimates:
| |
Current Tax Structure |
Taft Plan |
| 2006 |
$8,390 |
$8,084 |
| 2007 |
$8,741 |
$8,120 |
Eliminates 75% of the total personal property tax base as it exists in 2005.
Eliminates corporate franchise tax over the next five years.
Reduces the current sales tax rate from 6% to 5.5%, effective July 1, 2005.
See the Levin & Driscoll Report
