Idaho House Republicans introduced a sweeping tax bill on the third day of the 2022 session, carrying with it a huge price tag.
The proposed one-time tax rebate increases with income level, so the higher one’s income is, the more money they will receive. The ongoing revenue cuts also direct the largest benefits to the top of the income spectrum. Someone with $1,000,000 in annual taxable income will receive an ongoing yearly tax cut of $5,000 on top of a nearly $8,000 one-time rebate. Idahoans with the most modest incomes will receive a rebate of $75.
“This costly legislation will take other opportunities off the table such as reducing property taxes or repealing the grocery tax. Every major tax bill in Idaho for at least the last decade has prioritized profitable corporations and the wealthy,” Rep. Lauren Necochea said. “We have an opportunity this year to prioritize working Idahoans and bolster our middle class. I’m extremely disappointed to see that squandered with more of the trickle-down approach.”
“In my district, I simply don’t hear my constituents complaining about their income taxes being too high. But I do hear frequent complaints about property taxes being too high. That is the problem my constituents want fixed,” Rep. James Ruchti added.