Tuesday, November 22, 2011

Department of Revenue Validates Income Equity Act

My record has been clear my entire career with regards to taxes. I believe in fairness.

That’s why several sessions ago I successfully passed the Sales Tax Fairness Act, which ensures your sales tax dollars actually make it back to the state, rather than the big box stores keeping your tax dollars as pure profit.

And that’s why I’ve reintroduced the Income Equity Act, the very first bill I ever introduced as a State Representative in 1999. The bill, based on federal legislation (HR 382), would limit government tax deductions to corporations with inflated CEO pay if that company doesn't also fairly compensate the little guy too.

To read a previous blog I wrote describing the Income Equity Act, click here.

I’m happy to announce the Income Equity Act (AB356/SB-250) recently got some good news from the Department of Revenue. Anytime a bill in the legislature will have a fiscal impact, relevant state agencies create a “fiscal estimate.” While these numbers are often guesswork, they are based on the best available information.

According to the Department of Revenue’s speculation based on the best available federal tax returns, the bill will generate more than $13 million each year for the state.

Ironically, the projected revenue this bill would generate would actually fully fund another of my bills, which would restore Walker’s cuts to the state’s recycling fund.

But will Republicans actually take a vote in favor of tax fairness? One can only hope!

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