Impact of the original 4 & 4 plan introduced at the end of the Spring 1999 Special Session.
Estimated Net Taxpayer Impact as Savings (Additional Cost)
| INCOME |
TWO MEMBER FAMILY |
FOUR MEMBER FAMILY |
Income of $10,000 to $14,999
(calculated on avg. income of $12,453 to $12,693) |
$287
|
$364
|
Income of $15,000 to $19,000
(calculated on avg. income of $17,409 to $17,453) |
$335
|
$372
|
Income of $20,000 to $29,000
(calculated on avg. income of $24,532 to $25,051) |
$251
|
$432
|
Income of $30,000 to $39,000
(calculated on avg. income of $34,649 to $35,246) |
$15
|
$242
|
Income of $40,000 to $49,999
(calculated on avg. income of $44,434 to $44,582) |
($200)
|
($4)
|
Income of $50,000 to $69,000
(calculated on avg. income of $58,351 to $58,683) |
($595)
|
($358)
|
Income of $70,000 and Over
(calculated on avg. income of $106,703 to $106,718) |
($1,818)
|
($1,579)
|
Source: Steve Adams, Treasurer, May 1999; Fixing the Problem for Today and Tomorrow
NOTES:
The above data is based on the original 4 & 4 plan from the Spring 1999 Special Session. The original 4 & 4 plan included elimination of the state tax on food, reduction of the sales tax on other items by 2%, and the enactment of a 4% personal income tax with $10,000 per adult and $2,500 per child dependent deduction.
For an overview of how the recent graduated income tax plan will affect different income groups, see TFT Fact Sheet: How a Graduated Income Tax Works.
The impact of the Governor's Fall Plan (3.75 & 3.75) will affect different groups, follow the links to the Full ITEP Report (PDF Format) at How a Graduated Income Tax Works.
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