HB 1535 Seeks A Balanced Approach To A Flat Income Tax
Proposed plan looks very similar to Democrat Flat Tax Plan In 2014
This session as with all session there are many bills to cut the state income tax or eliminate it altogether, but one bill in particular stands out as both serious tax reform and sustainable given the current economic conditions of the state.
House Bill 1535 would eliminate all the income tax brackets, exempt all income above $18,700 for single filers and all income above $31,300 for married filers, $25,100 for Head of Household) and place a 2.5% (two & one-half percent) rate on all income after those levels. This would result in an overall tax cut for North Dakotans in the range of $100-150 million every year.
Back in 2014, the Democratic candidate for North Dakota Tax Commissioner proposed a similar Flat Income Tax -Large Exemption approach. (see details below). While the exemptions in HB 1535 are smaller than those proposed in 2014, it would be good…
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