Boise (670 KBOI News) – Idaho is one step closer to what could be the biggest tax cut in its history…as House Bill 463 clears the House Revenue and Taxation Committee 14-2.
The bill’s sponsor, Majority Leader Mike Moyle of Star, says if businesses were allowed to keep more of what they earn, employers might be able to pay their employees more.
“The problem with Idaho is, your average income is so stinking low, and you brought that up,” said Moyle to House Minority Leader Matt Erpelding of Boise. “You said our wages aren’t growing. Have you ever thought the reason your wages aren’t growing is because you’re at a complete market disadvantage because your tax rates are too high? When that business makes money, you’re taking more away from it, that they don’t have the money to give it back in salary increases.”
House Bill 463 would, among other things, lower the personal and corporate income tax rates by nearly a half percentage point. It would also create a 130-dollar per child tax credit, to offset the loss of the federal child tax credit.
The Committee voted 14-2 to advance the bill; Erpelding and fellow Democrat John Gannon of Boise voted against it. Erpelding said the money would be better spent on education and infrastructure.
