As our study committee developed our tax reform plan, we attempted to ensure that revenue flows remained stable to state and local government.
The following statistics estimate the impact of the current tax reform bills on total revenues. The statistics are divided into sections for state and local governments.
$23,338,000,000 = Total State Budget for the coming year
$51,000,000 = Cost of Collapsing Personal Income Tax Brackets – .22% of State Budget
$59,727,608 = Cost of Reducing the Small Business Active Income Tax Rate – .26% of State Budget
$54,725,000 = First Year Cost of Eliminating Corporate Income Tax – .23% of State Budget
$13,677,000,000 =Total Revenue Collected by Local Governments for 2010
$55,955,942 = First Year Cost of Reducing the Mfg. Assessment Ratio from 10.5% to 6% – .41% of Total Local Revenue