Vote Smart's Synopsis:

Vote to pass a bill that reduces personal income tax rates.

Highlights:

• Establishes personal income tax rates for individuals (except married individuals filing separate returns) filing joint returns, heads of households, estates, and trusts (Page 3):

• Income under $10,000: 2.0% of taxable income;

• $10,000-25,000: $200 plus 3.7% of excess over $10,000;

• $25,000-40,000: $755 plus 4.2% of excess over $25,000;

• $40,000-60,000: $1,385 plus 5.5% of excess over $40,000;

• Over $60,000: $2,485 plus 5.98% of excess over $60,000.

• Establishes personal income tax rates for spouses filing separate returns (Page 4):

• Income under $5,000: 2.0% of taxable income;

• $5,000-12,500: $100 plus 3.7% of excess over $5,000;

• $12,500-20,000: $377.50 plus 4.2% of excess over $12,500;

• $20,000-30,000: $692.50 plus 5.5% of excess over $20,000;

• Over $30,000: $1,242.50 plus 5.98% of excess over $30,000.

• Specifies that provisions apply retroactively to taxable years beginning on, after January 1, 2022 (Page 4).

Full Bill Text